Georgia Installment Lender Bond

A Georgia Installment Lender Bond is a type of surety bond mandated by the Georgia Department of Banking and Finance for businesses seeking an installment lender license. The bond amount is $25,000 for the main location, with an additional $5,000 needed for each branch, capped at a total of $100,000. The cost of the surety 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 Georgia Installment 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 Georgia Installment Lender Bond will be filed electronically by Surety1 with 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.

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Who needs a installment lender license?

Per Official Code of Georgia Annotated (O.C.G.A.) § 7-3-1 et. seq.)

“Installment lender” means any person that advertises, solicits, offers, or makes installment loans or services installment loans made by others, excluding loans made by affiliated entities.

Georgia law defines an installment loan as a contract or agreement to make a loan to an individual in an amount of $3,000.00 or less, including the renewal or refinancing of any such loan.

While the license is a requirement of the Georgia Department of Banking and Finance, the license application process is administered by the Nationwide Mortgage Licensing System (NMLS). A checklist of the license requirements license forms can be found here.

Important licensing dates

• All licenses expire on December 31 of each year, and an application for renewal must be made annually between November 1 and December 31 each year.
• Subsequent renewal applications and license fees must be received on or before December 1 of each year or the renewal applicant will be assessed a late fee.
• Renewal of the Georgia Installment Lender Bond must be filed with the NMLS.
• A renewal application is not deemed received until all required information and corresponding fees have been provided by the licensee.
• A proper renewal application not received on or before the December 1 renewal application deadline of each year cannot be assured of issuance or renewal prior to January 1, at which time the license will expire.
• Unless a proper renewal application has been received, any license which is not renewed on or before December 31 will require the renewal applicant to file a new license application in order to conduct business as an installment lender in the State after that date.

No person can make installment loans in this state, even if physically located outside of the state, without a license unless such person is exempt from the requirements of licensure.

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.