The South Dakota Money Lending Company Bond is required by the Division of Banking. The bond states that the bondholder shall faithfully perform their duties and in all things comply with the laws and regulations, including all amendments thereto, pertaining to the license applied for. The amount of the bond is set at $10,000 for the first license and an additional $2,500 for each additional license.
What are the additional requirements that must be submitted?
Aside from the surety bond and completed application form, the following must be attached to the application:
A list of all states in which the applicant is licensed
Verification of licensure and a certificate of good standing
Resume for the person(s) responsible
Include signed or audited financial statements of Applicant for the current and past four years.
A description of the business history and current operations of the Applicant.
Provide a copy of the strategic plan/ business plan.
Provide a copy of the loan policy, a copy of OFAC, BSA/ AML, Consumer Financial Information Privacy compliance policies, a blank copy of loan contracts and disclosures for each loan product offered.
If you do not have a business location in South Dakota you must appoint a registered agent with a South Dakota address to accept service of process for you.
Check for $100 for the application fee
How do I obtain a South Dakota Money Lending Company Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety Solutions Insurance Services, Inc. (Surety1) are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.
How to Get Your South Dakota Money Lending Company Bond
1. Complete an online application. It's free and no-obligation.2. One of our surety experts will contact you with a firm quote and an agreement to sign.3. Provide payment and your signed agreement, and then you will receive your South Dakota Money Lending Company Bond!If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply OnlineUsing our Free & Secure Application2. Get Your Free QuoteApplications are No-Obligation3. Get Your BondMost Bonds are Approved in 1-2 Business Days