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Maryland
Installment Loan License Bond

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Coverage Amount: $50,000 - $100,000
Term Length: 1 year
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Maryland Installment Loan License Bond Guide

If you’re applying for an installment lender license in Maryland, you’ll need this surety bond. Use this guide to learn all about the process. 

Bond Overview

  • Purpose: To guarantee lenders comply with license laws and regulations
  • Who Needs It: All installment loan licensees in Maryland
  • Regulating Body: The Maryland Commissioner of Financial Regulation
  • Required Coverage: $50,000
  • Premium Rate: Credit-based, starting at $500

What Is a Maryland Installment Loan License Bond?

A Maryland installment loan bond is a state requirement for all installment lender licensees. The bond creates financial security and ensures lenders follow the provisions of Maryland Consumer Law Title 12.  

How Much Do Installment Loan License Bonds Cost in Maryland?

Every installment loan company in Maryland needs a $50,000 bond. Prices start at $500, but vary based on personal credit score. Request your free quote now.

Bond Type
$50,000-$100,000Installment Loan License Bond

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees. 

How Does the Bond Work? 

A Maryland installment loan license bond creates a legal contract between three parties: 

  1. Principal: The installment loan licensee filing the bond
  2. Obligee: The Commissioner of Financial Regulation requiring the bond
  3. Surety: The provider issuing the bond

If you break the bond terms, harmed parties can file a claim for reimbursement up to the full bond amount. 

Who Needs an Installment Loan License Bond? 

In Maryland, an installment loan lender provides loans or extensions of credit, other than mortgage loans, repayable with interest. All licensees must file a $50,000 surety bond as financial security. 

How Do I Get an Installment Loan License Bond in Maryland? 

To get your Maryland installment lender bond, just follow these quick steps: 

  1. Apply: Request a free online quote
  2. Sign: Complete the indemnity agreement
  3. Purchase: Checkout online or over the phone

We’ll upload the bond to NMLS instantly on your behalf. 

If you have any questions, our friendly surety experts are available to help Mon–Fri from 7 am to 7 pm. Just call 1 (800) 308-4358. 

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