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Washington, D.C. Mortgage Lender/Broker or Money Transmitter Bond

How much does a mortgage broker or check casher bond cost in Washington, D.C.?

The Banking Bureau of the District of Columbia’s Department of Insurance, Securities and Banking Division requires the following professionals to post surety bonds as a licensing requirement:

  • mortgage lender/broker
  • money transmitter
  • check casher
  • retail seller and sales finance company
  • money lender

The required bond amount varies, so applicants should verify the needed coverage amount with the department before applying.

The best way to find out exactly how much you’ll pay for your surety bond is to request your free surety bond quote now!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Check Casher Bond Varies Starts at 1% 4-8% 10%+ Apply Now
Money Lender Bond Varies Starts at 1% 4-8% 10%+ Apply Now
Money Transmitter Bond Varies Starts at 1.5% 3-9% 10%+ Apply Now
Mortgage Lender/Broker Bond Varies Starts at 1% 4-8% 10%+ Apply Now
Retail Seller and Sales Finance Company Bond Varies Starts at 1% 4-8% 10%+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

Ready to get bonded quickly, easily and accurately? Call 1 (800) 308-4358, or click here to connect with our team of surety bond experts.

Why do I need this bond?

By posting this Washington, D.C. surety bond, principals (mortgage lenders/brokers, money transmitters, check cashers, retail sellers, sales finance companies, and money lenders) pledge to work according to applicable provisions of the D.C. Official Code and D.C. Municipal Regulations, respectively:

  • District of Columbia Money Transmitter Law, D.C. Official Code 26-1001
  • District of Columbia Consumer Retail Credit Regulation, 26 DCMR C 2500 and 16 DCMR 300
  • District of Columbia Money Lender (Loan Shark) Law, D.C. Official Code 26-901
  • District of Columbia Check Cashers Law, D.C. Official Code 26-301
  • District of Columbia Mortgage Lender and Broker Law, D.C. Official Code 26-1100

If the principal fails to work according to the statutes referenced on the bond form, harmed parties can make a claim on the bond to recover financial loss up to the bond amount. The principal would then be required to reimburse the surety for any damages paid out.

Request additional information about D.C. money lender, broker and transmitter bonds online now!

What’s the fine print?

These bonds become effective on the date indicated on the bond form in support of a license issued to the principal by the District of Columbia Department of Insurance. The bond remains in full force and effect through the license period.

In accordance with prescribed laws, the bond cannot be canceled by the licensee or the surety except upon notice of the department via registered or certified mail with return receipt requested. Cancellation becomes effective 30 days after the department receives the notice.

How to become a mortgage lender, money transmitter, check casher, retail seller and sales finance company or money lender in Washington DC

This bond covers the following licenses in the District of Columbia:

  • mortgage lender/broker
  • money transmitter
  • check casher
  • retail seller and sales finance company
  • money lender

Applicants must indicate the correct license type on the surety bond form.

Specific licensing requirements vary depending on the needed license type. Applicants should consult the Department of Insurance, Securities and Banking website for more information.

Take the first step toward becoming licensed in Washington, D.C, by purchasing the surety bond you need quickly and easily!

Ready to get started?

Get a FREE Mortgage Broker or Check Casher Bond Quote Today!

Additional Resources

Department of Insurance, Securities and Banking

Check Cashers, Sales Finance Companies, Retail Sellers, Money Lenders, Money Transmitters, Non-bank ATM Operators and Mortgage Lenders, Brokers and Loan Originators

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