Tennessee Industrial Loan & Thrift Bond
AmeriPro Surety Bonds | 844-589-9732
Tennessee industrial loan and thrift companies make loans pursuant to T.C.A. 45-5-101, and the related Codes which follow.
Such companies are licensed and regulated by the Tennessee Department of Financial Institutions.
The type of loans your industrial loan and thrift business provides will determine the type of surety bond required.
Once purchased, filing of this surety bond is now completed electronically, through NMLS.
Tennessee Industrial Loan & Thrift Bond: Business Type and Surety Bond Amounts
- If your Tennessee loan and thrift company makes residential or mortgage loans, or intends to do so, then you require a $200,000 Tennessee industrial loan and thrift bond.
- If your company falls outside the above category, a $50,000 bond is required.
The Cost For This Surety Bond and the Duration
With AmeriPro Surety Bonds, the cost for either the $50,000 or $200,000 Tennessee industrial loan and thrift bond can be very reasonable.
A surety bond application and your credit score will determine the price of either surety bond amount.
Applicants with very good credit may qualify for a $50,000 surety bond at 1% annually; and the same is likewise true for the $200,000 surety bond. The price you will pay, however, will be determined by your application and credit score.
Once purchased, the surety bond will typically expired on December 31st of the year in which the bond is purchased.
Purchase options include the ability to prepay the bond for up to 3 calendar years, thereby offering you a savings over a year to year renewal.
The purpose of this surety bond is to serve as a financial guarantee that your company will comply with all regulations, amendments, and laws involved in this lending profession.
The bond’s purpose protects your customers from criminally wrong acts.
As the bond’s principal, you are legally obliged to indemnify the surety for any claims paid against your bond.
AmeriPro Surety Bonds is a surety bonds only agency which provides license and permit, fiduciary and certain court bonds throughout Tennessee.
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