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Alabama
Consumer Credit License Bond

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Coverage Amount: $25,000 - $75,000
Term Length: 1 year
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Alabama Consumer Credit License Bond Guide

If you’re applying for a consumer credit license in Alabama, you’ll need this surety bond. 

Bond Overview

  • Purpose: To ensure consumer credit companies uphold state regulations
  • Who Needs It: All companies extending credit in Alabama
  • Regulating Body: The Alabama State Banking Department
  • Required Coverage: $25,000–$75,000, based on loan volume
  • Premium Rate: Credit-based, typically 1–10%

Learn all about the bond requirements and process in this guide. 

What Is an Alabama Consumer Credit License Bond?

An Alabama consumer credit license bond protects clients from financial harm due to fraudulent or negligent loan practices. 

Your bond amount depends on the volume of loans processed in the previous calendar year:

  • ≤$25,000,000: $25,000 bond
  • $25,000,001–$100,000,000: $50,000 bond
  • $100,000,000+: $75,000 bond

How Much Do Consumer Credit License Bonds Cost?

Alabama consumer credit license bonds cost a small percentage of the required coverage amount, typically 1–10%.


Exact rates vary based on personal credit score. Apply for your free quote now!

Bond Type
$25,000Consumer Credit License BondLoan volume up to $25,000,000
$50,000Consumer Credit License BondLoan volume of $25,000,001 to $100,000,000
$75,000Consumer Credit License BondLoan volume over $100,000,000

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees. 

Who Needs a Consumer Credit License Bond? 

The Alabama State Banking Department requires this bond as part of the licensing process for all credit service organizations in the state.  

How Do I Get My Bond?

SuretyBonds.com provides the fastest and easiest way to get an Alabama consumer credit license bond. Just follow these quick steps: 

  1. Apply: Submit an online quote request form
  2. Quote: Receive your quote within one day
  3. Sign: Complete the indemnity agreement 
  4. Buy: Purchase the bond online 24/7

Once your order is processed, we’ll upload the official bond form directly to NMLS on your behalf. We’ll also email you a copy for your records. 

If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance. 

How Does an Alabama Consumer Credit License Bond Work? 

A consumer credit license bond creates a legal contract between these three parties: 

  1. Principal: You, the consumer credit company filing the bond
  2. Obligee: The Alabama State Banking Department requiring the bond
  3. Surety: The provider issuing the bond

This holds you financially responsible for upholding the provisions of the Alabama Consumer Credit Act. 

If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you must ultimately refund the surety. 

How Do I Renew My Bond?

These bonds expire annually. To renew your consumer credit license bond, simply pay your renewal invoice when prompted. 

We’ll begin contacting you by phone and email 90 days before the expiration date. 

More Resources

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