(844) 589-9732

Wisconsin Loan Company Bond

June 12, 2019

The Wisconsin loan company bond is a $5,000 surety bond required by the state's Division of Financial Services. Qualifying is both easy and quick through AmeriPro Surety Bonds. Please call us today at 844-589-9732.

Wisconsin Loan Company Bond |

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Loan Companies – Wisconsin

 

 

 

Wisconsin defines loan companies as those which lend money to consumers and who also charge an annual interest rate greater than 18%. Such companies are licensed and regulated by the state’s Division of Financial Institutions.

Both the licensing and filing of the required surety bond of WI loan companies are accomplished through NMLS (Nationwide Mortgage Licensing System).

 

 

 

Surety Bond of Wisconsin Loan Companies

 

 

 

Current regulations require a $5000 surety bond for each location of a loan company registered in Wisconsin, with a maximum amount of $50,000.

 

 

 

Qualifying and the Premium

 

 

 

Our agency offers you the Wisconsin loan company bond as an instant issue bond, with no credit check, for amounts required up to $25,000 (5 store locations).

This means that after completion of an application and payment of the premium, the bond is issued to you immediately. Additionally, an email copy of the bond can be sent to you at no extra charge, and the original bond will follow in the mail; we may also file the bond electronically on your behalf through NMLS.

A $25,000 loan company bond will cost you just $188, annually.

For amounts greater than $25,000, streamlined, quick processing of your surety bond is still available for existing companies which have been in business for at least 3 years and who also meet other simple requirements.

 

 

 

Bond Term; Premium Payment Options

 

 

 

The loan company bond is issued with a term of one year. You also have the option to prepay this bond for 2 or 3 years, thereby saving money over annually renewing your surety bond premium.

As an example, a $25,000 WI loan company surety bond prepaid for 2 years is $338; if prepaid for 3 years the premium is $489.

Of course, those who require smaller surety bond amounts will pay correspondingly less in premium!

 

 

 

The Purpose of this Surety Bond

 

 

 

A loan company surety bond is for the benefit and protection of the consumer, not the loan company. It is a financial guarantee that loan companies will be in compliance with all laws, statutes, and any future amendments governing lending in Wisconsin.

There are plenty of statutes which regulate your professional conduct as a lender.

Besides the Wisconsin Consumer Act, there are other related statutes.  The list can be found on the application for licensing through NMLS.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds only agency. We provide license and permit, court, and fiduciary bonds throughout Wisconsin. 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...

 

 

Request a Callback

  • MM slash DD slash YYYY
  • Please note: We do not share or rent your address to anyone, except for underwriting purposes associated with your surety bond.
  • This helps us to find exactly the surety bond that you require. By the way, it's perfectly OK to not know the type of surety bond you need; that's why we're here!
  • This field is for validation purposes and should be left unchanged.

BE IN TOUCH

CONTACT US