Installment loan companies in Maryland are regulated by the state’s Department of Labor, Licensing, & Regulation.
The filing of the application and the surety bond are accomplished through NMLS (Nationwide Mortgage Licensing System) which is increasingly being utilized by state regulatory offices.
Once purchased, our office will electronically file this bond on your behalf through NMLS.
The Maryland installment loan bond is a $50,000 surety bond required as per state regulations. Additionally, the bond amount increases by $50,000 for each office location.
To qualify for this bond, you will undergo a standard application along with a credit check inquiry. Completion of the application is most easily accomplished with the help of a surety agent, and the results for pricing may take a few hours.
For those who qualify and have existing established installment loan businesses, we may be able to offer the bond with streamlined processing and no credit inquiry.
In cases where the bond amount required is substantially higher, a financial statement may also be requested as part of the underwriting process.
The premium or the cost of the installment loan bond is based upon the dollar amount you require and information provided on your surety bond application, including a business or personal credit inquiry.
A well-qualified applicant may pay as little as $375-500 annually for a $50,000 installment loan bond; however, based on the above criteria, amounts will vary.
The Maryland installment loan bond is a financial guarantee which is required to ensure your compliance with the Maryland Consumer Loan Law.
The surety bond protects Maryland consumers from any resultant harm which occurs as a failure to follow all laws related to loan lending and which result in some deleterious effect.
As principal of this bond, you must indemnify the surety for all costs paid against your bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, fiduciary and court bonds throughout Maryland and nationwide.
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