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How much does a title pledge act bond cost in Mississippi?
The Mississippi Department of Banking and Consumer Finance requires all title pledge lenders to post $50,000 surety bonds for each location. The maximum total bond amount is $250,000.
These bonds are subject to underwriting consideration, so the amount you’ll pay depends on a review of your personal credit report. Ready to find out exactly how much you’ll pay for your surety bond? Request a free bond quote now!
Call 1 (800) 308-4358, or submit a bond request form, to connect with our team of surety bond experts who will walk you through each step of our fast and easy bonding process.
Why do I need this bond?
By posting a Mississippi title pledge act surety bond, principals (title lenders) pledge to operate their businesses according to the laws of the state. Prohibited acts under this bond include:
- Falsifying a title pledge lender transaction form
- Entering into a title pledge agreement with an individual under 18 years of age
- Failing to maintain pledged property
- Entering into a title pledge agreement in which any single certificate of title exceeds $25,000
- Failing to return pledged property
- Adding insurance charges with a title pledge agreement
Specifically, this bond offers indemnity to consumers who suffer financial losses as a result of the principal’s unlawful business practices.
What’s the fine print?
Title pledge act bonds in Mississippi are continuous and remain in full effect until the expiration date. These bonds expire annually on June 30, so your bond premium could be prorated depending on when you buy it. Our team of surety experts works hard to get you bonded according to your specific needs.
The bond can be continued for subsequent calendar years by a continuation certificate signed and sealed by the both the principal and the surety.
All bonds must be notarized by a notary public.
How to become a title pledge lender in Mississippi
To become a licensed title pledge lender in Mississippi, applicants must submit the following materials to the Department of Banking and Consumer Finance:
- License fee ($750 for new applications, $475 for renewal applications)
- Surety bond ($50,000 for each location, $250,000 maximum)
- Title Pledge Contact List
- Fingerprint card(s)
Complete licensing information can be accessed via the Additional Resources section of this page. Begin the licensing process by purchasing the surety bond you need.