The State of Wisconsin Department of Financial Institutions requires a Payday Lender Bond to ensure that the principal will strictly comply with the provisions of Section 138.14, Wis. Stats., as it now exists or is later amended. The bond guarantees that the payday lender will not lend consumers more than the statutorily allotted amount and will not charge more interest than allowed by law. The amount of the bond is $5,000 per location.
This bond is a requirement for all those who will register as a payday lender, specifically a company whose main office location (headquarters) will NOT be engaging in Wisconsin payday lending activity or retaining records, but the company has one or more branch locations from which the Wisconsin payday lending activity will be conducted.
The following requirements are enumerated on the NMLS website:
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.