Wisconsin Payday Lender Bond Overview
- Purpose: To protect borrowers from financial harm if payday lenders break the law
- Who Needs It: Short-term consumer lenders in Wisconsin
- Regulating Body: The Wisconsin Department of Financial Institutions; Division of Banking
- Bond Amount: $5,000
- Premium Price: $100 for a 1-year term
What Is a Wisconsin Payday Lender Bond?
Wisconsin payday lender bonds protect borrowers from unlawful behavior committed by payday loan brokers and other short-term lending companies.
The surety bond creates a financial guarantee that lenders will uphold all state and industry regulations.
How Much Do Payday Lender Bonds Cost in Wisconsin?
Wisconsin payday loan and short-term lender bonds cost $100 for a 1-year term. Or, you can select a multi-year term and save 25%. Buy your bond in minutes now.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Wisconsin Payday Lender Bond Work?
A payday loan bond creates a legally-binding contract between three parties: the principal, obligee and surety.
| Bond Party | Description |
|---|---|
| 1) Principal | The payday lender filing the bond |
| 2) Obligee | The Wisconsin Department of Financial Institutions – Division of Banking |
| 3) Surety | The issuing surety provider |
You are responsible for upholding all applicable State Statutes and the Wisconsin Consumer Act. If you don’t, harmed clients or the state can file bond claims for reimbursement. As the principal, you have to repay the surety for any valid claims.
How Do I Get a Payday Lender Bond in Wisconsin?
SuretyBonds.com provides the fastest and easiest way to get a Wisconsin. Just enter your personal and business information using the form on this page. You can checkout online in minutes.
How Do I File My Bond?
We'll upload the official electronic surety bond form to the Nationwide Multistate Licensing System (NMLS) on your behalf. You will not need to file your bond, but you will need to grant authority to your issuing surety provider.
When you log in to NMLS, enter the surety’s name or surety identifier (NAIC/NPN) as found on your bond information. The obligee can’t accept your bond until you authorize the surety.
Can I Get Bonded With Bad Credit?
Yes, there is no credit check requirement for the Wisconsin payday lender bond!
How Do I Renew My Payday Lender Bond?
Depending on the initial term length you select, you’ll need to renew your bond every 1–3 years. We’ll send you reminders before the bond expires. Just pay the renewal invoice to extend your bond for another term.
