Tennessee-based small loan companies are licensed and registered by the state’s Department of Financial Institutions.
A condition of licensing is that a surety bond is required. AmeriPro Surety Bonds provides surety bond for small loan companies as both a first time and renewal surety bond.
The Tennessee small loan company bond is a $50,000 surety bond.
Candidates for this surety bond will need to complete a surety bond application (which may be completed over the phone with an agent), and submit to a credit check (credit checks by surety agencies are typically ‘soft inquiries’ which do not affect your credit score).
As a broad general rule, a well-qualified applicant for a small loan company surety bond may pay as little as 1% annually; however, the amount that you will pay may vary considerably or not at all from this amount.
The Tennessee small loan company bond has a duration which ends on June 30th of the calendar year. Applicants who purchase the surety bond after this date, depending on when the bond is purchased, may pay a prorated surety premium.
The purpose of this surety bond is to serve as a financial guarantee that your small loan company will be in compliance with all statutes and regulations governing lending.
Specifically, this bond ensures your compliance with the relevant provisions of the Tennessee Industrial Loan and Thrift Act.
The bond protects your customers and clients from any violations of the law which causes them harm.
As principal for this bond you agree to indemnify the surety for all costs and fees paid in connection with any claims; however, the aggregate amount of surety will not exceed the amount of your bond.
AmeriPro Surety Bonds offers surety bonds throughout Tennessee. We are a surety bonds-only agency. We provide license and permit, court, and fiduciary surety bonds.
We also provide surety bonds nationwide. Please call our agency today at:
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