Title Loan Lender’s Bond
The Missouri Division of Finance has required the obtainment of the Title Loan Lender’s Bond. The required bond amount is $20,000. This bond must be obtained in order to conduct business in the state of Missouri.
The bond helps ensure that the lender will comply with all regulations, rules, and laws when performing in Missouri. This bond will protect your clients from malpractice or detriment done by your company. These wrongdoings can be any person damaged by any misrepresentation or fraud of your services.
The bond helps guarantee that the company will follow all regulations, rules, and laws. This bond will protect the state by guaranteeing faithful and honest performance is made by the company. The bond provides surety in regaining losses in fees, fines, and expenses imposed by state regulators. If there are any poor financial decisions, damages, or violating of any laws or regulations, this bond will be used in favor of the state.
The surety company will payout if you are found at fault for a claim on your bond. Qualification for this bond will require a credit check. The rate will depend on the credit worthiness of the applicant and will carry a rate from 1% to 15%. A quote can be obtained by completing the online application.
Link to Missouri Title Loan Lender’s Bond Form: