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How much does a supervised lender license bond cost in Colorado?
The required amount of Colorado supervised lender license surety bonds is based on the lender’s total annual loan volume for the previous calendar year. These bonds are subject to underwriting, so the price you’ll pay depends on a review of your personal credit report. Applicants should verify their required bond amount with the state.
Why do I need this bond?
Colorado supervised lender license bonds are put in place to ensure that principals (lenders) comply with all provisions of the Uniform Consumer Credit Code (UCCC) and the rules and regulations lawfully adopted under it during the term of the supervised lender’s license. This bond also states that the lender will pay any and all amounts that become overdue or owed to the UCCC Administrator and pay any and all final judgments or orders that become lawfully due to or on behalf of any person who has prevailed in a UCCC cause of action against the lender.
What’s the fine print?
The surety has the power to cancel a Colorado supervised lender surety bond at any time by giving the lender and the UCCC Administrator written notice of such termination or reduction of liability. These changes go into effect 30 days from the receipt of notice or at a later date stated in the notice.
The bond amount is adjusted each year on the first of June based on the lender’s annual loan volume of the previous calendar year.
How to become a supervised lender in Colorado
Any company or person that regularly makes or takes assignment of consumer loans in Colorado with an annual percentage rate of more than 12% per annum, or who collects such loans that it previously made, is a supervised lender.
A supervised lender’s license is needed for each location where supervised lending activities occur. After the initial master license is issued, branch office applications must be filed.
Licenses are renewed annually on January 31 by the filing of a supervised lender notification form and payment of the license fee for that year for each master and branch office license.
Licensed supervised lenders receive annual license renewal forms prior to the January 31 due date.