The Kansas Supervised Lender Bond is required by the Office of the State Bank Commissioner. It states that the bondholder shall faithfully perform all its obligations under applicable state and federal law and amendments. The bond protects a borrower or consumer from losses or damages incurred due to the bondholder’s failure to comply.
Who needs a Kansas Supervised Lender bond?
Under the Kansas Uniform Consumer Credit code an entity that makes supervised loans involving Kansas consumers must be licensed. The Supervised Lender bond is one of the licensing requirements.
What is a supervised loan?
Defined by the State a supervised loan is where the annual percentage rate exceeds 12% per year. The loan is 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. The amount financed does not exceed $25,000.
What is the bond amount?
Each applicant or licensee must have a $100,000 bond. Each additional licensed place of business is required to have a $25,000 bond. There is a maximum bond amount of $300,000.
Where can I get a Kansas Supervised Lender bond?
Surety1 can easily get you the bond you need. 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 Kansas Supervised Lender bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
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