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How much does a consumer loan license bond cost in Maryland?
The required amount of a Maryland consumer installment loan licensee bond is $50,000 per location. The cost of the bond is subject to underwriting consideration, which will require a review of the applicant’s credit report.
Our exclusive bad credit bonding program allows applicants with less-than-stellar financials to get approved for the bonds they need.
Give us a call at 1 (800) 308-4358 or fill out an online bond request to apply now!
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form today! Once your application is complete, we’ll provide you with a free surety bond quote within one business day.
Why do I need this bond?
Consumer loan license bonds in Maryland discourage unethical business practices within the industry. An individual must be properly licensed and bonded before he or she can:
- engage in the business of making installment loans
- make more than 5 installment loans in a year
- engage in the business of a credit services business
Applicants are expected to be familiar and entirely compliant with the Maryland Installment Loan Law.
We understand that surety bonds can be confusing, but our experts are here to help you every step of the way. Submit an online bond request, and one of our specialists will contact you right away!
What’s the fine print?
This obligation is listed on a surety bond form along with 5 other professions, so be sure you let us know you need this bond to issue consumer loans. This type of bond is continuous until canceled. The state requires surety companies to provide at least 60 days’ notice before canceling a bond.
How to become a consumer loan licensee in Maryland
Prior to submitting your license application, be sure that the following materials are attached:
- list of names, addresses and phone numbers of the principal officers
- true and correct statement of the work experience and employment for each officer (as well as resumes)
- list of stockholders with 10% or more interest in the company
- current certificate of good standing from the Maryland Department of Assessment and Taxation
- $50,000 surety bond
- liquid asset letter showing $20,000 in funds to be used by the company
- current business credit report
- business’s trade name
Our experts understand these license and bond requirements and are ready to answer all of your questions. Submit a bond request to connect with a surety specialist right away and get a personalized bond quote absolutely free!