Florida Consumer Finance Company Bond Guide
If you’re applying for a consumer finance company license in Florida, you’ll likely need this surety bond.
Bond Overview
- Purpose: To ensure companies uphold state regulations and operate ethically
- Who Needs It: All consumer finance companies in Florida
- Regulating Body: The Florida Office of Financial Regulation
- Required Coverage: $5,000–$100,000
- Premium Rate: Credit-based, typically 1–3%
Learn all about the bond requirements and process in this guide.
What Is a Florida Consumer Finance Company Bond?
A Florida consumer finance company bond protects borrowers against fraud or theft by consumer lenders.
The Florida Office of Financial Regulation requires a $25,000 bond for initial licensing. For each branch location, you must file an additional $5,000 bond via a bond rider or a new form.
How Much Do Consumer Finance Company Bonds Cost?
Florida consumer finance company bonds cost a small percentage of the required coverage amount, typically 1–3%.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Consumer Finance Company Bond?
The Florida Office of Financial Regulation requires this surety bond if you meet the following consumer lender qualifications:
- You solicit, make or collect loans
- No loan amounts exceed $25,000
- You charge an interest rate of more than 18%
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Florida consumer finance company bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll mail you the bond via your preferred shipping method. Be sure to file it with the Office of Financial Regulation as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Florida Consumer Finance Company Bond Work?
A consumer finance company bond creates a legal contract between these three parties:
- Principal: You, the consumer finance company filing the bond
- Obligee: The Florida Office of Financial Regulation requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of the Consumer Finance Act (Florida Statutes Chapter 516).
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 finance company bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
