Nevada Consumer Litigation Finance Company Bond

A Nevada Consumer Litigation Finance Company Bond is a type of surety bond required by the Nevada Financial Institutions Division (NFID) as part of the licensing process. The bond amount is set at $50,000 and the cost of the bond is usually between 1% and 3% of the bond amount.

How to Get a Nevada Consumer Litigation Finance Company 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 Nevada Consumer Litigation Finance Bond will be uploaded to the NMLS portal by Surety1.
^{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 the Required License?

While the Consumer Litigation Funding Company License is a requirement of the NFID, the licensing application process is managed by the Nationwide Mortgage Licensing System (NMLS). The surety bond is filed electronically by Surety1 to the NMLS.

Any Litigation Funding Company in Nevada must obtain a license from the Commissioner pursuant to Nevada Revised Statutes Chapter 604C – Consumer Litigation Funding Companies. A person is “engaged in the business of a consumer litigation funding company” if the person:

1. Solicits or engages in consumer litigation funding transactions in this State; or
2. Is located in this State and solicits or engages in consumer litigation funding transactions outside of this State.

How to Obtain a Consumer Litigation Funding Company License

Nevada Consumer Litigation Finance Company License Application Process:

1. Contact the NV-FID: It’s recommended to consult with the NV-FID before applying to ensure you have a complete understanding of the process and requirements. Nevada-FID – State Licensing Requirements: https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=NV-FID 
2. NMLS Application: Submit your application electronically through the NMLS system. This includes the company form (MU-1) for your main office and branch forms (MU-3) for any additional locations operating in Nevada. CONSUMER LITIGATION FUNDING COMPANY APPLICATION PACKAGE: https://fid.nv.gov/Licensing/Consumer_Litigation_Funding_Company/CONSUMER_LITIGATION_FUNDING_COMPANY_APPLICATION_PACKAGE/)
3. Additional Requirements: Along with the NMLS application, you may need to submit supplemental information depending on your situation. For instance, if your company is located outside of Nevada, there’s a specific form outlining requirements for record keeping and legal representation within the state. Consumer Litigation Funding Company Application – Supplemental Information for Companies that do not maintain a Nevada office location: https://fid.nv.gov/Licensing/Consumer_Litigation_Funding_Company/CONSUMER_LITIGATION_FUNDING_COMPANY_APPLICATION_PACKAGE/)

Activities Authorized:

The license allows consumer loan lending (though technically not considered lending under Nevada law) for funding litigation cases. Other lending activities are not authorized under this license. Nevada Consumer Litigation Funding Company License New Application Checklist (Company): https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=NV-FID

Additional Resources:

• Nevada Revised Statutes Chapter 604C – Consumer Litigation Funding Companies (https://www.leg.state.nv.us/law1.html)
• NV-FID Consumer Litigation Funding Company License New Application Checklist (Company) (https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=NV-FID)
• Consumer Litigation Funding Company Application Package (https://fid.nv.gov/Licensing/Consumer_Litigation_Funding_Company/CONSUMER_L