Nevada Loan Services Bond Overview
- Purpose: To protect clients from dishonest or predatory lenders and financial services providers
- Who Needs It: Check-cashers, deferred deposit, title lenders and high-interest loan services providers
- Regulating Body: The Nevada Department of Business and Industry Licensing Office
- Bond Amount: $50,000 plus $5,000 per branch office
- Minimum Price: $500 or 1%; credit-based
What Is a Nevada Loan Services Bond?
In Nevada, check-cashing, deferred deposit, title lenders and high-interest loan services providers need a loan services bond. This type of surety bond is a financial guarantee that lenders will uphold their professional obligations.
Bond Coverage Requirements for Consumer Lenders
Nevada requires check-cashing, deferred deposit, title loan and high-interest loan service providers to file $50,000 surety bonds for initial licensing. Any branch locations require $5,000 in additional coverage.
How Much Do Loan Services Bonds Cost in Nevada?
The minimum $50,000 Nevada loan services bond starts at $500, or 1% for qualified applicants. Exact rates can vary between 1% and 10% of the total bond amount based on a soft credit preview. Apply for your free quote today.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Nevada Loan Services Bond Work?
This bond creates a legally-binding contract between three parties.
| Bond Party | Description |
|---|---|
| 1) Principal | The lender filing the bond |
| 2) Obligee | The Nevada Department of Business and Industry |
| 3) Surety | The issuing surety provider |
As the principal, you are responsible for upholding all applicable state laws, rules and regulations outlined in the bond contract. If you harm consumers or owe money to the state, the bond can be used to pay out sums owed.
How Do I Get a Loan Services Bond in Nevada?
Getting bonded as a loan services provider is simple! Just fill out the quote request form to get started. We’ll email your personalized quote within one business day.
How Do I File My Bond?
We’ll upload your official bond form to NMLS on your behalf. However, you’ll need to grant authority to your issuing surety provider.
When you log in to your NMLS account, enter the surety’s name or identifier (NAIC/NPN). Your bond can’t be accepted by the OFR until you authorize the surety.
Can I Get Bonded With Bad Credit?
You might still be able to get bonded with bad credit, but you’ll likely pay a higher premium. Quotes are free and have no impact on your score — apply now!
How Do I Renew My Loan Services Bond?
Nevada loan services license bonds expire annually, unless you select a multi-year term. You can extend the bond for another term by simply paying the renewal premium. We’ll send you reminders starting 90 days before expiration.
How Do I Update My Bond Form?
If you need to update information on your bond, email [email protected]. We’ll issue a bond rider, if possible. Be sure to file this with the obligee.
You’ll have six months to complete the application and provide any additional materials or corrections.
