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Missouri Consumer Credit Lenders Bond

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How much does a consumer credit lender's bond cost in Missouri?

In lieu of being audited for a consumer credit lender’s license, applicants can post a surety bond. Consumer credit lenders who do not handle consumer money need a $50,000 bond; those who handle consumer money need a $100,000 bond. These bonds are subject to underwriting. Applicants with strong financial credentials could qualify to pay just 1% of the required bond amount.

Bond Type
$50,000Consumer Credit Lenders BondDoes not handle consumer money
$100,000Consumer Credit Lenders BondHandles consumer money

Why do I need this bond?

Missouri consumer credit lender bonds act as an alternative to the annual financial audit required for consumer credit lenders to become licensed to work in the state. Specifically, this bond ensures that the principal (consumer credit lender) will faithfully apply all funds received and perform all professional obligations and undertakings in compliance with Sections 367.100-367.215 and Sections 408.100-408.600 of the Missouri Revised Statutes.

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What’s the fine print?

Missouri consumer credit lenders bonds in lieu of audit are required by the Commissioner of Finance for the State of Missouri. These bonds are automatically renewed on an annual basis. The surety has the ability to cancel the bond at any time by filing 60 days written notice of cancellation with the commissioner.

How to become a consumer credit lender in Missouri

To become licensed as a consumer credit lender in Missouri, applicants must complete the application in its entirety (including both the business and residence address of the officers and directors of the company) and pay the required fee. Each business location must post a separate licensing fee.

Licenses remain valid from July 1 through June 30.

More licensing information can be found in the Additional Resources section of this page.

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