Colorado Supervised Lender Surety Bond

The Colorado Supervised Lender Bond is a type of surety bond  required by the Colorado Department of Law, specifically the Consumer Protection Section and the Administrator of the Uniform Consumer Credit Code (UCCC).  The bond amount varies (scroll down) and the cost of the surety bond is usually between 1% and 3% of the bond amount, subject to a minimum premium and fees of $150. Surety1 will shop its many markets to procure the right price at the right terms.

How to Get a Colorado Supervised Lender Bond

At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:

1. Complete the easy to navigate and secure online application. ¹
2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the Colorado Supervised Lender Surety Bond will be shipped to the bond applicant.
^{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.

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About the License Requirement and Bond Amount

The amount of the Colorado Supervised Lender Bond depends on your annual loan volume for the previous calendar year. There are three tiers:

• $15,000: If your annual Colorado loan volume was between $0 and $500,000.
• $20,000: If your annual Colorado loan volume was between $500,000 and $1,000,000.
• $25,000: If your annual Colorado loan volume exceeded $1,000,000.

It’s important to note that the bond amount is adjusted each June 1st based on the total Colorado loan volume for the prior year.

A Colorado Supervised Lender is a company licensed by the state to offer specific types of loans to consumers. Here’s a breakdown of what that means:

• License Requirement: They need a special license from the Colorado Department of Law’s Administrator of the Uniform Consumer Credit Code (UCCC).
• Loan Types: They can issue consumer loans where the annual percentage rate (APR) exceeds 12%. This typically applies to loans with higher interest rates, such as some payday loans, title loans, and certain types of personal loans.
• Regulations: They are subject to stricter regulations compared to lenders offering loans with lower APRs. This ensures consumer protection and fair lending practices.

Here’s a quick recap:

• Think of it as: A lender needing a special license to offer specific high-interest loans to Colorado consumers.
• Key point: The annual interest rate on the loan must be above 12% for the lender to be considered “supervised.”

The information provided above is for general informational purposes only and does not constitute legal advice.  Do not rely solely on the information presented here as a substitute for professional legal counsel.