Money lenders operating in D.C. are licensed and regulated by the District’s Department of Insurance, Securities and Banking Bureau.
Your licensing and surety bond are electronically filed through NMLS, the Nationwide Mortgage Licensing System. Upon issuance of your bond, our agency can either electronically file your bond to NMLS, or provide you with the paper copy to do on your own.
The bond amount required by DISB is $5,000 per location.
You can have up to 5 locations of your D.C. money lender business, a $25,000 surety bond requirement, and be approved through our agency without a credit check.
As an example, the premium for a $25,000 Washington D.C. money lender bond will be $188 annually.
Amounts greater than $25,000 will require a signed (but, fortunately, short) surety bond application, along with an underwriter review which includes a credit check inquiry. To be approved, good credit will be required.
Once your money lender surety bond has been approved and the premium paid, our agency will issue your bond to you immediately.
From that point, our agency can either file your bond on your behalf electronically through NMLS, or we can send you the original bond for filing to NMLS.
Additionally, if you do not anticipate either an increase or decrease in the number of your D.C. money lender locations, you may prepay your bond’s premium up to 3 years.
Prepayment of your premium allows you a savings over annual renewals, in addition to lengthening the time between renewals.
All money lender surety bond amounts have prepayment options.
Your D.C. money lender bond is a financial guarantee of your full compliance with the District of Columbia’s Loan Shark Law, as amended.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Washington D.C. and in all 50 states.
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