The Delaware Licensed Lender Surety Bond is required by the State of Delaware, Office of the State Bank Commissioner.
If you wish to be in the business of lending money in the state of Delaware, you will need to get a license. To obtain this license you will need to complete this application form. Make sure that you answer all of the sections in the application form. Depending on whether you are a corporation, LLC, sole proprietorship, etc., you may need to provide additional information. You will also need to submit at least three letters of reference from businesses you are currently working with. Take note that one letter must come from a bank. There is also a $250 investigation fee for each business location.
Finally, you must also acquire a Delaware Licensed Lender Surety Bond which must be issued by a company that is licensed to do business in the state.
Note: Surety1 is licensed in all 50 states and works with over a dozen “A” rated markets!
The bond amount should be determined based on the following chart:
|Annual Volume of Delaware Loans||Minimum Required Bond Amount|
|not more than $23,000,000||$50,000|
|$23,000,001 – $35,000,000||$75,000|
|$35,000,001 – $47,000,000||$100,000|
|$47,000,001 – $59,000,000||$125,000|
|$59,000,001 – $71,000,000||$150,000|
|$71,000,001 – $83,000,000||$175,000|
|$83,000,001 and over||$200,000|
Note: The cost to obtain the bond will only be a small percentage of the bond amount.
All we need is a completed online application and one of our licensed agents will contact you with your free quote within just one business day. Once you are remit the premium payment and sign the necessary paperwork, your surety bond will be mailed to you via USPS priority mail. Overnight shipping options are also available.
Surety Solutions Insurance Services, Inc. (Surety1) has been writing bonds in Delaware since 2003. With an A+ rating by the Better Business Bureau, you can be assured quality service for all of your surety bond needs.