The Kentucky Consumer Loan Company Bond is required by the Department of Financial Institutions. New bonding requirements have been added through House Bill 285.
What are the changes in bonding requirements?
Changes affect applications submitted on or after January 1, 2020, for those applying to be a Licensed Consumer Loan Company. From that date forward, all applicants shall maintain a corporate surety bond. The bond shall stay in place for the duration of the license. The bond amount is $100,000 if the applicant is privately held. If the applicant is publicly traded, the bond amount is $250,000.
A consumer loan company is a person who is in the business of making loans to a consumer for personal, family, or household use. The loan can be in the amount or value of $15,000 or less. This individual must hold a Consumer Loan Company license.
What are other licensing requirement?
Complete the application form and have it signed and notarized. Forward the State License Confirmation form to all states in which the business is currently licensed and operating. There is a $500 fee for investigating the application and a $500 annual license fee for each location. Payment is made to the Commissioner, Kentucky Department of Financial Institutions.
Why should I use Surety1 for my Kentucky Consumer Loan Company Bond?
Surety1 can get this bond approved fast, with the lowest premium available. We have partnered with over a dozen A-rated surety markets to make this possible.
Start the process by completing our easy to navigate, free online application form. Next, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that, we’ll collect the premium and have you sign the necessary paperwork. Then your Kentucky Consumer Loan Company Bond will be sent to you through USPS Priority Mail. If you need to get it faster, you can also opt for overnight delivery, for an additional fee.
You can trust Surety1 for all your surety bond needs. We have been writing bonds since 2003, servicing clients from all 50 states. We are also proud to say that we earned and continue to maintain an A+ rating from the Better Business Bureau.