The Louisiana Loan Broker’s Bond is required by the Louisiana Office of Financial Institutions, in the amount of $25,000 for the year.
A loan broker, as defined by the state, is any person who for compensation or the expectation of compensation, obtains or offers to obtain a consumer loan or federally related mortgage loan from a third party. The state requires that all loan brokers must be licensed.
The surety bond is one of the requirements in order to be licensed. The bond must be issued by a company that is licensed to operate in Louisiana. The bond is in place to help any persons who suffer any damage or loss as a result of the loan broker’s breach of contract or by any violation of law, and for the attorney general seeking additional relief under LA R.S.51:1405.
What are the requirements that must be met in order to be a loan broker in Louisiana?
All applicants must submit the following:
- A completed Loan Broker application form
- Fingerprint card
- Affirmative agreement
- A sample of Loan Brokerage Agreement and Disclosure Statement
- Employee Verification Form
- Authority to Obtain Information from Outside Sources form
- Copy of corporate papers such as a certificate of incorporation and articles of incorporation
- $500 fee
Why should I choose Surety1?
Surety1 has access to the best surety markets available. We will get you bonded quickly at the best possible price. Complete our easy to navigate, free online application form. One of our surety agents will contact you with a no-obligation quote on the premium to write the bond. Should you choose to move forward with us, you just need to pay the premium and sign the agreement. Your bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
Surety1 has been licensed to issue surety bonds in all 50 states since 2003. We also maintain an A+ rating from the Better Business Bureau.