How much does a consumer loan license bond cost in Maryland?
The required amount of a Maryland consumer installment loan licensee bond is $50,000 per location. The cost of the bond is subject to underwriting consideration, which will require a review of the applicant’s credit report. Fill out an online bond request to apply now and get a free quote within one business day.
If you are an installment lender, visit our Maryland Installment Loan License Bond page instead.
Why do I need this bond?
Consumer loan license bonds in Maryland discourage unethical business practices within the industry. An individual must be properly licensed and bonded before they can:
- engage in the business of making installment loans
- make more than 5 installment loans in a year
- engage in the business of a credit services business
Applicants are expected to be familiar and entirely compliant with the Maryland Installment Loan Law. We understand that surety bonds can be confusing, but our experts are here to help you every step of the way. Submit a quote request and one of our specialists will contact you right away!
What’s the fine print?
This obligation is listed on a surety bond form along with five other professions, so be sure you let us know you need this bond to issue consumer loans. This type of bond is continuous until canceled. The state requires surety companies to provide at least 60 days’ notice before canceling a bond.
How to get a consumer loan licensee in Maryland
Before submitting your license application, be sure that the following materials are attached:
- list of names, addresses and phone numbers of the principal officers
- true and correct statement of the work experience and employment for each officer (as well as resumes)
- list of stockholders with 10% or more interest in the company
- current certificate of good standing from the Maryland Department of Assessment and Taxation
- $50,000 surety bond
- liquid asset letter showing $20,000 in funds to be used by the company
- current business credit report
- business’s trade name
Our experts understand these license and bond requirements and are ready to answer all of your questions. Submit a bond request to connect with a surety specialist right away and get a free quote!
More Resources
- Maryland Department of Labor, Licensing and Regulation: Installment Loan License
- 2010 Maryland Code Financial Institutions Title 11 -Consumer Credit Subtitle 3 - Installment Loans - Licensing Provisions Section 11-302 - License Required
- Maryland Department of Labor, Licensing and Regulation: Application Requirements
- Maryland Consumer Lender Licensee Application and Surety Bond Form
- Maryland Installment Loan License Bond Application
