The Tennessee Industrial Loan Bond is required by the Tennessee Department of Financial Institutions. The bond states that the bondholder will conform to and comply with all provisions of the Tennessee Industrial Loan and Thrift Act.
Who needs a Tennessee Industrial Loan Bond?
Under the Tennessee Industrial Loan and Thrift Companies Act, any person engaged in the business of making loans and imposing the interest and loan charges must be licensed. The Industrial Loan bond is one of the licensing requirements.
Activities authorized under this license include:
- Consumer loan brokering, lending and servicing
- Sales finance company, motor vehicles and general
- Private student loan lending and loan servicing
- Industrial loan lending companies
The bond amount for applicants who make or propose to make residential mortgage loans is $200,000. For all other applicants the bond amount is $50,000 bond.
What are other licensing requirements?
Use the NMLS website to submit the following:
- License registration fee $625
- FBI criminal background check
- Company Form MU1 – application
- Financial statements
- Business plan
- Certificate of Authority
- Formation Documents
- Management chart
- Organization chart
- Verification of Experience
Where can I get a Tennessee Industrial Loan Bond?
At Surety1 you can be assured of the lowest rates as we have partnered with over a dozen A-rated surety markets. We have friendly agents who are willing to answer all your queries and give you only the best service.
First, start the process by completing our easy to navigate, free 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 Tennessee Industrial Loan bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
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