Consumer credit lenders bond cost
In lieu of being audited for a consumer credit lender’s license, applicants can post a surety bond in the amount of $100,000. These bonds are subject to underwriting. Applicants with strong financial credentials could qualify to pay just 1% of the required bond amount, or $1,000.
To expedite the bonding process, have your current business financials and a personal financial statement handy when you speak with our surety experts.
Why this bond
Missouri consumer credit lender bonds act as an alternative to the annual financial audit required for consumer credit lenders to become licensed to work in the state. Specifically, this bond ensures that the principal (consumer credit lender) will faithfully apply all funds received and perform all professional obligations and undertakings in compliance with Sections 367.100-367.215 and Sections 408.100-408.600 of the Missouri Revised Statutes.
Consumer credit lenders bond details
Missouri consumer credit lenders bonds in lieu of audit are required by the Commissioner of Finance for the State of Missouri. These bonds are automatically renewed on an annual basis. The surety has the ability to cancel the bond at any time by filing 60 days written notice of cancellation with the commissioner.
Become a consumer credit lender
To become licensed as a consumer credit lender in Missouri, applicants must complete the application in its entirety (including both the business and residence address of the officers and directors of the company) and pay the required fee. Each business location must post a separate licensing fee.
Licenses remain valid from July 1 through June 30.
Apply for your surety bond
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