Nevada Loan Services Bond
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How much does a deferred deposit, high-interest, or title loan bond cost in Nevada?
The state of Nevada requires check-cashing, deferred deposit, title loan and high-interest loan services bonds in the amount of $50,000. Nevada loan services professionals must also post $5,000 in additional coverage for each branch location. These bonds require underwriting consideration, which means the premium depends directly on the applicant’s financial credentials.
The best way to find out exactly how much you’ll pay for your surety bond is to request a free surety bond quote by filling out our online request form.
Why do I need this bond?
By purchasing a Nevada check-cashing, deferred deposit, title loan and high-interest loan services bond, a principal agrees to adhere to the rules and regulations found in Chapter 604A of the Nevada Revised Statutes. A few prohibited actions include:
- not making a deferred deposit loan
- issuing multiple loans that exceed a customer’s expected gross monthly income
- not accepting collateral or other types of security
- practicing improper lending and collection practices
- conducting false, misleading, or deceptive advertising
- failing to make certain disclosures
- taking incomplete instruments
- using agents to avoid requirements or prohibitions
- failing to comply with payment plans
- charging fees to cash certain checks
Ready to get bonded? Give us a call at 1 (800) 308-4358 or submit an online bond request form. You’ll be contacted right away by a surety specialist.
What’s the fine print?
This bond form is continuous until canceled. If the bond is to be canceled, the surety must provide the State of Nevada Financial Institutions Division Department of Business and Industry with at least 30 days' notice. Each branch location maintained by the business requires an additional $5,000 in bonding coverage.
How to become a loan service provider in Nevada
In addition to posting a surety bond, Nevada loan service providers must do the following to get licensed:
- file a completed application on the specified form with the department
- remain in good standing of honesty and integrity with the commissioner
- pay the required application fee
- be at least 21 years of age
- be a citizen of the United States
A full list of the state’s application for license requirements can be accessed in the “Additional Resources” section below.
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