Referred to the Senate Banking and Insurance Committee, Alabama SB 331 would require that each title loan officer carry their own individual license for the company for which they work. With the license, an officer should carry proof of a surety bond with coverage of $100,000. If passed, SB 331 would cap the bond requirement at $1 million.
In section 5 of the bill regarding certificate and license requirements, the text about bonds reads as such:
“(c) An applicant for licensure shall file with the department a bond, in the amount of one hundred thousand dollars ($100,000) for each license, with a surety company qualified to do business in this state. However, in no event shall the aggregate amount of the bond required for a single title loan lender exceed one million dollars ($1,000,000).”
To read the full text of the bill, click here.
If you need a surety bond in Alabama or any other state, contact SuretyBonds.com online 24/7 or by phone at 1 (800) 308-4358 Monday through Friday, 8 a.m. to 7 p.m. CST. You’ll be connected with an expert surety specialist who will walk you through each step of the bonding process.