The Wisconsin Loan Company Bond is a type of surety bond and is required by the State of Wisconsin, Department of Financial Institutions as part of the licensing process. The administration of the license is managed by the Nationwide Mortgage Licensing System (NMLS). This license is required of any company, partnership or sole proprietor that does business under Section 138.09, Wis. Stats., charges interest authorized by Section 138.09(7), Wis. Stats., or assesses a finance charge on a consumer loan in excess or 18% per year. The Wisconsin Loan Company License authorizes the following activities:
- Consumer loan servicing
- Consumer loan lending
- High cost home loans
- Home equity loans, including lines of credit
- Manufactured Housing Financing
- Other-Consumer Finance
- Pawn brokering
- Second mortgage lending
- Subordinate lien mortgage servicing
- Title lending
Banks, savings banks, savings and loan associations, trust companies, credit unions or any of their affiliates do not need this license. The minimum amount of the Wisconsin Loan Company Bond is $5,000 per location to a maximum bond amount of $50,000. A check list of the license requirements in addition to the surety bond can be found here.
The Loan Company Registration Bond is basically the same surety bond, however this bond and application is specifically this registration is specifically for a company whose main office location (headquarters) will NOT be engaging in Wisconsin loan company activity or retaining records, but the company has one or more branch locations from which the Wisconsin loan company activity will be conducted.
How to obtain a Wisconsin Loan Company Bond?
At surety1.com, we make it easy to obtain this surety bond. Our simple, 3 step process is:
- Complete our easy to navigate and secure online application.
- Review the free, no obligation quote from one of our surety bond professional agents, usually within 1 business day.
- Sign some paperwork and pay the bond premium.
Once these steps have been completed, Surety1.com will ship the Wisconsin Loan Company Bond for signature. Once signed by the principal (license applicant) the surety bond is uploaded to the NMLS.
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 and maintains an A+ rating from the Better Business Bureau.