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Delaware Licensed Lender Bond

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How much does a Delaware licensed lender bond cost?

The Delaware Office of the State Bank Commissioner requires licensed lenders to post surety bonds in varying amounts. The required bond amount will be between $50,000 and $200,000 and is determined by the annual volume of loan agreements the applicant contracts.

The premium of these bonds is subject to underwriting, so the price you’ll pay for your bond depends not only on your required bond amount, but also on a review of your personal credit. However, highly qualified applicants may be approved for as little as 1% to 3% of their total bond amount.

Bond Type
$50,000Licensed Lender Bondannual volume is $23,000,000 or less
$75,000Licensed Lender Bondannual volume is $23,000,001 - $35,000,000
$100,000Licensed Lender Bondannual volume is $35,000,001 - $47,000,000
$125,000Licensed Lender Bondannual volume is $47,000,001 - $59,000,000
$150,000Licensed Lender Bondannual volume is $59,000,001 - $71,000,000
$175,000Licensed Lender Bondannual volume is $71,000,001 - $83,000,000
$200,000Licensed Lender Bondannual volume is $83,000,001 or more

Fill out our easy online contact form to connect with our team of surety experts. We can provide you with a free surety bond quote within one business day of submitting your application!

Why are Delaware lenders bonded?

By posting a licensed lender bond in Delaware, principals (licensed lenders) pledge to comply with and abide by all provisions of Chapter 22, Title 5 of the Delaware Code when engaging in licensed lender business. The bond protects harmed parties from financial loss up to the full bond amount if the principal fails to comply with these terms.

Give us a call at 1 (800) 308-4358 or submit a bond request. One of our expert surety specialists will walk you through our fast and easy bonding process!

How to become a Delaware licensed lender

To become a Delaware licensed lender, applicants must send a completed application to the Commissioner of the State Bank. Steps to obtaining a lending license include:

  • Submitting the notarized application prescribed by the Commissioner
    Applicants will need to provide information about their corporation, LLC, or partnership, as well as information about the designated agent and all principals of the licensed lender
    Personal resumes and financial statements must be provided for all principals
    A detailed business plan, outlining the lending activities the applicant plans to engage in, including the maximum loan amount issued, must be included
    If applicable, applicants need to provide information about any insurance products they are selling beyond credit life and A&H insurance
    A minimum of three letters of reference must be provided to the Office of the State Bank Commissioner, 1110 Forrest Avenue, Dover, DE 19904, Attention: Licensing Department
  • Paying the $250 annual license fee (per location); checks should be made payable to the State of Delaware
  • Obtaining a surety bond using the provided Delaware surety bond form, which must be notarized
  • Collecting the past six months' detailed business and recent personal financial statements of the owner/applicant
    This should include a recent balance sheet and income (profit/loss) statement
    Note: These statements should reflect adequate capital in accordance with Section 2228(a), Title 5 of the Delaware Code

Licenses expire annually on December 31.

Complete licensing information can be accessed via the “Additional Resources” section of this page.

Considerations for Delaware licensed lender bonds

Delaware licensed lender bonds remain continuous until canceled. The surety can cancel the bond by giving written notice of cancellation to the lender and the Office of the State Bank Commissioner. Cancellation becomes effective 30 days after the receipt of said notice.

To become a Delaware licensed lender, purchase a fast and easy surety bond

Ready to get started?

Call 1 (800) 308-4358 to talk with a Surety Expert