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.
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.
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.
Use the NMLS website to submit the following:
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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