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How much does a consumer loan business bond cost in Washington?
Consumer loan businesses in Washington must post surety bonds prior to conducting business. The required bond amount varies, so applicants should verify their required amount of bond coverage with the state prior to bonding.
Because the required bond amount and, therefore, the price of this bond can vary so much, we recommend submitting a bond request to connect with a professional surety specialist who will walk you through the bonding process.
Having your current business financials and a personal financial statement handy will expedite the bonding process and could help you qualify for a lower premium rate!
Connect with our team of surety experts by calling 1 (800) 308-4358 or submitting a bond request.
Why do I need this bond?
Washington consumer loan business bonds are put in place to ensure that principals (consumer loan businesses) conduct business in accordance with the provisions of Title 31.04 of the Revised Code of Washington, which is also known as the Consumer Loan Act, and all rules and regulations made by the Director of the Department of Financial Institutions.
If the principal violates any of the terms of the act or the surety bond agreement, the bond protects the state and any person who suffers financial loss as a result of the principal’s actions up to the full bond amount. The principal is responsible for repaying the surety for all damages paid out.
What’s the fine print?
Consumer loan business bonds in Washington remain in full force and effect until violated or canceled. The bond can be canceled if the surety gives written notice of cancellation to the director. Cancellation becomes effective 30 days from the receipt of said notice.
How to become a consumer loan company in Washington
To become licensed as a consumer loan company in Washington, applicants must first register with the following agencies:
- Washington Secretary of State
- Washington Business License Services
- Washington Department of Revenue
The application process includes:
- posting a surety bond in the proper amount
- preparing the company’s balance sheet for the most recent quarter end
- having each control person in the company get fingerprinted
- submitting the application through NMLS
Complete licensing information can be accessed via the "Additional Resources" section of this page. Begin the licensing process by purchasing the Washington surety bond you need.