The Kansas Supervised Lender Bond is required by the Office of the State Bank Commissioner. The bond states that the bondholder shall faithfully perform all its obligations under applicable state and federal law and amendments.
Kansas defines this as a loan where the annual percentage rate exceeds 12% per year. It’s made by a person who regularly engages in the business of making loans. The debt is payable by written agreement in more than 4 installments. Or, a finance charge is made. The amount financed does not exceed $25,000.
Any entity who wishes to make supervised loans involving Kansas consumers under the Kansas Uniform Consumer Credit code must be licensed. The Supervised Lender bond is one of the licensing requirements.
First, file a company new application through the NMLS (Nationwide Mortgage Licensing System) for the principal place of business. Then, file a branch new application for additional locations where consumer credit business is conducted.
Each applicant or licensee must have a $100,000 Kansas Supervised Lender bond. Each additional licensed place of business is required to have a $25,000 bond. With a $300,000 maximum bond amount.
Surety1 can easily get you the bond you need. You can be assured of the lowest rates as we have partnered with over a dozen A-rated surety markets. We have friendly agents who are willing to answer all your queries and give you only the best service.
First, start the process by completing our easy to navigate, free online application form. Then, after your application has been submitted, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that, once you are ready to move forward, you just need to pay the premium and sign the agreement. Lastly, your bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
Surety1, an AssuredPartners agency, is located in Rancho Cordova, California. Since 2003, Surety1 has been the premier online provider of surety bonds nationwide. Surety1 is licensed in all 50 states and maintains an A+ rating by the Better Business Bureau .