Installment loan companies in Nebraska are regulated by the state’s Department of Banking and Finance. While the Department is the regulatory body for installment loan companies, you will file your license through NMLS, the Nationwide Mortgage Licensing System.
Since the bond is electronically file through NMLS as well, once purchased, our agency will file your surety bond on your behalf.
According to current rules, the Nebraska installment loan company bond is a $50,000 surety bond required per location. If you also employ mortgage loan originators, you will also be required to post a supplemental surety bond. That amount required may be a $100,000 surety bond.
Qualifying for the Nebraska installment loan company bond is by means of an application and a credit check. The application can be begun with one of our agents; however, it will require your final completion, along with your signature. There will be an underwriting of your surety bond which includes a credit score review.
Applicants will need to have good credit to qualify through our agency. Though it is not typically required, an applicant may also be asked to provide a recent financial statement.
If you are approved, a $50,000 installment loan company bond will have a premium of just $375 annually, which is ¾ of 1%.
A $100,000 installment loan company bond will have a $750 premium.
Once the surety bond’s premium has been paid, you can sit back and allows us to electronically file your bond for you through NMLS.
At whatever premium your installment loan company bond is, the bond is good for one year from the anniversary of its issuance.
If you don’t project any changes in the number of locations, you may wish to consider prepayment of your surety bond’s premium. Prepayment does two things for you: 1. It offers you a savings over year to year surety bond renewals, and 2. It lengthens the time between those renewals.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Nebraska.
Our agency also provides surety bonds nationwide.
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