Consumer loan license bond cost
The required amount of a Maryland consumer installment loan licensee bond is $12,000. The cost of the bond is subject to underwriting consideration, which will require a review of the applicant’s credit report. With strong financial credentials, applicants could pay as low as $100!Our exclusive bad credit bonding program allows applicants with less-than-stellar financials to get approved for the bonds they need.
Contact one of our surety specialists to receive a free, personalized bond quote within 1 business day of applying. Call 888.610.4474, or click here, to begin the bonding process.
Why this bond
Consumer loan license bonds in Maryland discourage unethical business practices within the industry. An individual must be properly licensed and bonded before he or she can:
- engage in the business of making installment loans
- make more than 5 installment loans in a year
- engage in the business of a credit services business
Applicants are expected to be familiar and entirely compliant with the Maryland Installment Loan Law.We understand that surety bonds can be confusing, but our experts are here to help you every step of the way.This obligation is listed on a surety bond form along with 5 other professions, so be sure you let us know you need this bond to issue consumer loans. This type of bond is continuous until canceled. The state requires surety companies to provide at least 60 days’ notice before canceling a bond.
Become a consumer loan licensee
Prior to submitting your license application, be sure that the following materials are attached:
- list of names, addresses and phone numbers of the principal officers
- true and correct statement of the work experience and employment for each officer (as well as resumes)
- list of stockholders with 10% or more interest in the company
- current certificate of good standing from the Maryland Department of Assessment and Taxation
- $12,000 surety bond
- liquid asset letter showing $20,000 in funds to be used by the company
- current business credit report
- business’s trade name
Our experts understand these license and bond requirements and are ready to answer all of your questions. Submit a bond request to connect with a surety specialist right away and get a personalized bond quote absolutely free!
Apply for your surety bond
Get a FREE Maryland consumer loan license bond Quote Today! Click here to begin
Additional Information
- Maryland Department of Labor, Licensing and Regulation: Installment Loan License
- 2010 Maryland Code Financial Institutions Title 11 -Consumer Credit Subtitle 3 – Installment Loans – Licensing Provisions Section 11-302 – License Required
- Maryland Department of Labor, Licensing and Regulation: Application Requirements
- Maryland Consumer Lender Licensee Surety Bond Form
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