North Dakota Deferred Presentment Service Provider Bond
AmeriPro Surety Bonds | 844-589-9732
Licensing of Deferred Presentment Service Providers
Deferred presentment service providers (businesses which offer “payday loans”) in North Dakota are licensed and regulated by the state’s Division of Financial Institutions.
While the Division regulates your business, your licensing – new or renewal — is filed through NMLS, the Nationwide Mortgage Licensing System.
The surety bond amount required of you is determined by your receivables as of the “high point” of North Dakota receivables by March 31st. Here are the breakdowns of amounts required.
- Up to $100,000 – $20,000 surety bond;
- $100,000 to $250,000 – $50,000 surety bond;
- $250,000 or more – $75,000 surety bond.
Qualifying and the Premium
For the $20,000 ND deferred presentment service provider bond surety amount, there is no credit check, and the premium is just $150, annually. We’ll need a signed application from you before we issue the bond, but there is no review by an underwriter.
The $50,000 and $75,000 require both a signed application and a review by an underwriter. As part of the underwriting process, a credit check is required.
To be approved, good credit is required of your business. The premiums upon approval are as follows:
- $50,000 surety bond amount — $375, annually;
- $75,000 surety bond amount — $563, annually.
Purpose of Your Surety Bond Requirement
The North Dakota payday loan bond is a financial guarantee of your compliance with North Dakota Century Code Chapter 13-08, as amended.
AmeriPro Surety Bonds provides payday loan surety bonds wherever required nationwide.
Our agency is also a provider of license and permit, court, probate, and fiduciary bonds. We provide other surety bonds throughout North Dakota, and we provide these surety bonds nationwide.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you…