A Nevada Check Cashing Deferred Deposit Bond is a type of surety bond required by the Nevada Financial Institutions Division (FID). Any business that offers check cashing or deferred deposit services is required to obtain a Nevada Check Cashing Deferred Deposit Bond. This includes businesses that cash personal checks, payroll checks, government checks, and other types of checks. The Nevada Check Cashing Deferred Deposit license authorizes the following activities:
- Consumer Loan Lending
- Payday Lending
- Online Payday Lending
- Storefront Title Lending
- Check Cashing
The amount of the bond is $50,000 for the first location and an additional $5,000 for each branch location. The cost of the Nevada Check Cashing Deferred Deposit Bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms.
How to Get a Nevada Check Cashing Deferred Deposit Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Nevada Check Cashing Deferred Deposit Bond will be uploaded electronically to the NMLS.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003 and maintains an A+ rating by the Better Business Bureau.
What is the purpose of a Nevada Check Cashing Deferred Deposit Bond?
The surety bond requirement is for the use and benefit of any customer receiving the services of the licensee at any location at which the licensee does business under the license. The bond states that the bondholder and its agents shall comply with all provisions of the Chapter 604A of the Nevada Revised Statutes, and the rules and regulations lawfully adopted there under, during the term of the deferred deposit loans, high-interest loans, title loans, and check-cashing services registration.
How to Get a Nevada Check Cashing Deferred Deposit License
To see the Deferred Deposit Loans, High-Interest Loans, Title Loans and Check Cashing Services New Application Checklist, visit the Nationwide Mortgage Licensing System (NMLS).