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Finance Lender and Broker Bonds - California
Bond911 Specializes in California Finance Lender and Broker Bonds!
| Bond Amount | Cost | Term | Apply Now |
|---|---|---|---|
| $25,000 | $200* | One Year | START APPLICATION |
*Bond cost based on 5 or less employees. The cost will increase per additional employee.
Bond Details
| Requiring Entity | The state of California, Department of Corporations |
| Underwriting Criteria | No Credit Check Required. Bond is insant issue. |
| Premium Rate(s) | 1 Year - $200* |
* Signed application may be requested based on market submission.
Who is Required to Secure this California Finance Lender and Broker Bond
All persons applying for a California Finance Lender license are required to post and maintain a surety bond in the amount of $25,000 (California Financial Code Section 22112). A finance lender is defined as any person engaged in the business of making consumer or commercial loans. In addition to the bond, the finance lender must also maintain a net worth of $25,000 at all times.
California Finance Lender and Broker Bond Requirement Specifics
The California Finance Lender and Broker Bond is required by the State of California to be used for the recovery of expenses, fines, and fees levied by the commissioner in accordance with this division or for losses or damages incurred by borrowers or consumers as the result of a licensee's noncompliance with the requirements of this division (California Financial Code Section 22112).
Who is protected Under this California Finance Lender and Broker Bond
The California Finance Lender and Broker Bond is payable to Commissioner of Corporations and protects any person who sustains a loss caused by the Finance Lender. Any person who sustains an injury covered by this bond may, in addition to any other remedy he or she may have, bring an action in his or her own name upon this bond for the recovery of any damages sustained
What you Need to do Once you have your California Finance Lender and Broker Bond
Once the California Finance Lender Bond has been approved and released to the applicant’s care, it must be filed with the Department of Corporations. The Department of Corporations will maintain the bond, which must remain effective at all times to prevent the revocation of the Finance Lender License. If for any reason the bond is suspended or canceled, the license will be suspended until the bond is restored or is replaced.
Obligee Link
http://www.corp.ca.gov/FSD/lender.asp http://www.corp.ca.gov/FSD/faq/default.asp
* Please be advised that the quote you obtain for this bond may include a fee charged and retained by The Bond Exchange.