Money lender businesses in South Dakota are licensed and regulated by the state’s Division of Banking.
While the Division is the regulatory body for your business, your license is filed through NMLS, the Nationwide Mortgage Licensing System. Our agency can electronically file your bond on your behalf after its purchase.
The South Dakota money lender bond is a $10,000 surety bond, with an additional $2500 surety bond amount required per additional location. Up to a $25,000 surety bond requirement, our agency issues this bond to you immediately and without a credit inquiry.
Essentially, when you call us, we’ll ask you the name, exactly as it should appear on your surety bond, along with your business address, phone number, and email.
Although there is no credit check, we’ll still require a signed application from you.
To give you an idea as to annual premiums, a $10,000 surety bond amount will have an annual premium of $100; a $25,000 surety bond will have an annual premium of $188.
After payment of the premium, we’ll issue the bond to you immediately, and file it on your behalf to NMLS, unless you request otherwise.
The Division’s address is:
State of South Dakota, Division of Banking
1601 N. Harrison Avenue, Suite 1
Pierre, South Dakota 57501
The premium payment associated with your SD money lender bond is active for one year and renews on the anniversary of its issuance. Our agency also offers you the opportunity to prepay your premium up to 3 years, thereby offering you a savings over year to year renewals.
This option works best for those businesses who will not be increasing or decreasing the number of locations for the surety bond term.
As an example, a $10,000 surety bond will have a premium of $180, if prepaid for 2 years (a savings of $20); and a premium of $260 if prepaid for 3 years, a savings of $40. Other surety amounts have corresponding savings proportionate to the amount required.
Your money lender bond is a requirement as per the South Dakota Legislative Council 54-4. It is a financial guarantee of your compliance with all laws related to money lending; and it is a financial guarantee that any money owed to the state of South Dakota or any person will be paid within the calendar year of your surety bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide money lender surety bonds wherever required nationwide.
Our agency is also a provider of license and permit, probate, court, and other surety classifications in all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you.