Nevada Check Cashing and Deferred Deposit Services Bond |
AmeriPro Surety Bonds | 844-589-9732
Nevada Check Cashing
In addition to businesses which provide check cashing services, the scope of this article includes those businesses which provide the following monetary lending services in the state of Nevada:
- Deposit Loan services;
- High-interest loans;
- Title loans;
- Payday loan services;
- Loans from an automated loan machine
As a further clarification, “high interest loans” in Nevada are loans which charge more than 40% annually.
Loans from an automated loan machine are loans which are acquired without the direct physical interaction of another person; however, operating a high interest loan service or a deferred deposit loan service through this means is prohibited in Nevada.
Nevada title loans are loans made with a vehicle title as collateral and which charge over 35% interest, annually.
Starting a Check Cashing Business in Nevada
To operate a check cashing and deferred deposit business in the state of Nevada, a license is required.
The industry is regulated by the Nevada Department of Financial Institutions.
Some Licensing Requirements
For a Nevada check cashing business, the following are some of the licensing requirements made by the state Commissioner:
- The license has an application fee of between $100 and $500; however, the fee is prorated for the licensing year. This amount will be determined by when the application is submitted. The application fee is non-refundable.
- If the application is a business entity, the names and contact information for each officer of the company must be provided—this includes partners, directors, managers, and any registered agents;
- All addresses of any locations where the company will operate a business. Included in this are kiosks, internet, telephone, fax machine, or any other means;
- Proof of the good character of any and all applicants;
And, at least one surety surety bond is required.
Surety Bond Requirements for Check Cashing and Deferred Deposit Services
Surety bond requirements for a Nevada check cashing and deferred deposit services are the following:
There is a single $50,000 surety bond required;
There is a $5000 additional surety bond required for each location of a check cashing and services location in the state of Nevada.
Who the Nevada Check Cashing Surety Bond Protects
The surety bond is not a protection for the check cashing company.
It is rather, issued “…for the use and benefit of any customer receiving the services of the licensee at any location at which the licensee does business under the license [in the state of Nevada].” NRS 604A.610 [italicize, AmeriPro Surety Bonds]
AmeriPro Surety Bonds
AmeriPro Surety Bonds will work with you to obtain the best pricing for your Nevada check cashing bond.
Once issued to you, you will need to file the bond with the state of Nevada, along with meeting all other requirements, before engaging in any check cashing business in the state.
Nevada Check Cashing Surety Bond Amount
While the amount of this bond is $50,000, at minimum (see above), applicants will only pay a small percentage of this amount.
The amount paid will be determined by two criteria:
The applicant’s credit score;
The amount of the surety bond required in total ($50,000 minimum bond, and $5,000 for each additional location).
AmeriPro Surety Bonds will work to provide you the best pricing based upon these criteria.
About AmeriPro Surety Bonds
AmeriPro Surety Bonds provides Nevada check cashing bonds, notary bonds, contract and fiduciary bonds throughout Nevada.
We also provide surety bonds throughout the US.
Our goal is to not only provide you with the surety bond you need, but to develop an ongoing relationship with you for all you future bond requirements.