In Indiana, small loan lender companies are regulated by the state’s Department of Financial Institutions (DFI).
Statutes relating to small loan companies are found under the Indiana Code, Title 24, Chapter 7.
Both new and renewal licensees will require a surety bond in an amount that is determined by the number of locations.
According to Title 24, the Indian small lender loan bond is a $50,000 surety bond.
The bond amount required is:
The premium for the Indiana small loan lender bond will be determined by a standard surety bond application along with an accompanying credit check.
Well-qualified applicants may pay around 2% annually for this bond; however, the amount that you will be asked to pay will be determined by the your application and credit.
Additionally, in some cases, there may be an option to prepay this bond for up to 3 years, thereby offering you a savings over year to year renewal of the bond premium.
The Indiana small loan lender bond serves as a financial guarantee which ensures your compliance with all statutory regulations concerning lending in the state.
Specifically, this bond ensures your compliance with the Indiana Uniform Consumer Credit Credit Code as also any future amendments or additions to the law.
As principal of this surety bond, you are obligated to indemnify the surety for any claims paid against your bond; except that such claims, excluding attorney fees and other costs, will not exceed the aggregate total of your bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, and fiduciary surety bonds throughout Indiana.
Please call our agency today at:
Or, you may fill out the form below and a surety agent will contact you.