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Virginia Payday Lender Bond

The Virginia payday lender bond is a $10,000 surety bond, per location. The surety bond caps at $50,000. Please call AmeriPro Surety Bonds today for great surety bond pricing: 844-589-9732.

Virginia Payday Lender Bond |

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Payday Lenders – Virginia

 

 

 

Payday lenders conducting business in the Commonwealth are regulated by the State Corporation Commission.

Legal statutes relating to payday lenders are found under Chapter 200 of the Virginia Administrative Code.

At least one $10,000 surety bond is required as a condition of licensing with the state. AmeriPro Surety Bonds offers they payday lender bond as both a new (first time applicants) and renewal surety bond.

 

 

 

Virginia Payday Lender Bond: Amount Required and the Surety Bond’s Premium (Cost)

 

 

 

The Virginia payday lender bond is a $10,000 surety bond amount, per office. The surety bond has a maximum amount of $50,000. Therefore, any payday lenders with 5 or more offices in the Commonwealth are required to furnish the Commission with a $50,000 surety bond.

The pricing for the payday lender surety bond will be determined by:

  • The amount of surety bond required;
  • Information provided on a surety bond application;
  • Your credit score.

Applicants for the Virginia payday lender will pay 2% of the bond amount required.  Therefore, a $50,000 surety bond will have a premium of $1000.  Our agency only works with those applicants who have good credit, so we are able to provide you with the pricing ahead of time.  You’ll know from the outset what to expect.

 

 

 

Duration of this Surety Bond; Prepayment Options

 

 

 

The Virginia payday lender bond is issued for active for one year from the date of issuance.  Ideally, the bond should coincide with the dates for your licensing issued by the Commonwealth so as to prevent any gaps in bond coverage.

Options may also exist to prepay the bond for several years, offering a savings over year-to-year renewal.

Using a $50,000 surety bond amount, the prepayment amount and savings are as follows:

  • If prepaid for 2 years, the premium is $1800, a $200 savings;
  • If prepaid for 3 years, the premium is $2600, a $400 savings.

 

 

 

The Purpose of this Surety Bond Requirement

 

 

 

While the Virginia payday lender bond is required of your company as a condition of licensing, its benefit is for the residents of the Commonwealth; also, the state Commission.  The surety bond serves as a financial guarantee that your company will be in compliance with all rules and regulations, additions, and amendments relating to payday lending in the state.

The bond protects against acts of fraud, theft, malfeasance or misfeasance committed against a consumer or the Commission.  The surety bond financial guarantees also extend to wrongdoing committed by any employees, managers, or agents of your payday lending company.

As principal for this surety bond, you are responsible for any claims paid against your bond by the surety.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds only agency. We also provide other license and permit, contractor, court, and fiduciary surety bonds throughout the Commonwealth of Virginia.

Our agency also provides surety bonds nationwide.

Please call us today at:

 

 

844-589-9732

 

 

 

Or, you may fill out the form below and an agent will contact you…

 

 

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AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

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