Louisiana Surety Bond Types
The state of Louisiana requires business owners obtain a surety bond to conduct commerce in a variety of industries. One of their main requirements in the mortgage broker surety which is sometimes referred to as the mortgage lender surety bond. A mortgage lender bond has to be obtained by every broker that wants to be licensed as a mortgage broker in the State of Louisiana. Without a active surety bond a mortgage broker would not be able to get a license from the state.
This is just one surety bond requirement in Louisiana. There are all kinds of surety bonds out there. Louisiana’s worker’s compensation bond aims to protect workers of all classes from fraudulent employers. If the employer were to fail to meet the stipulations set forth in the bond, then the surety bond provider would then step in to financially reimburse the unfulfilled consumer, and the principal would be responsible for paying retribution up the bond’s full face value.
To find more Louisiana surety bond types please refer to the bond list below.
Surety Bond Requirements in Louisiana
Make sure you check your local and state regulations to find which surety bond would be the best for you or your business. Once you’ve determined which bond best fits your needs, you need to be sure to collect the correct bond form from the department requiring the bond from you.
During application, the surety may request the business owners financial history, as well as reports on the business. For larger surety bonds, the business owners credit rating will be a large determinant in the premium you are asked to pay. Surety companies rely on credit rating to make sure you have the financial means to pay the bond’s full face value if necessary. If an individual or business does not appear to be financially stable, the surety company will require a higher premium before they issue the bond.
Depending on the bond type, getting a quote back from your surety might only take a couple hours or could be as long as two to three day. If you’d like to learn more about surety bonds or want to ask a question contact a surety bond specialist today or apply now.