Wisconsin Loan Company Bond
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How Much Do Wisconsin Loan Company Bonds Cost?
All Wisconsin loan company bond applicants are instantly approved at a rate of $10 per $1,000 in coverage, starting at $100. The state requires $5,000 in surety bond coverage for each licensed office or branch location in Wisconsin. Get your bond instantly today!
What Is a Wisconsin Loan Company Bond?
Wisconsin loan company bonds ensure that if consumers are wronged in the process of receiving a loan, they have a safeguard from unprofessional acts of business and can be compensated for financial losses.
Who Needs a Loan Company Bond?
Loan companies in Wisconsin must be licensed and bonded before performing the following activities:
- Consumer loan servicing
- Consumer loan lending
- High cost home loans
- Home equity loans, including lines of credit
- Manufactured housing financing
- Consumer financing
- Pawn brokering
- Second mortgage lending
- Subordinate lien mortgage servicing
- Title lending
Wisconsin mortgage brokers and bankers have separate surety bond requirements.
How to Get a Wisconsin Loan Company Bond
Purchase your bond instantly online using the form on this page. We’ll immediately upload the bond to the NMLS on your behalf. The Wisconsin Department of Financial Institutions also requires you to mail the original bond document to the address below:
WI Department of Financial Institutions
PO Box 7876
Madison, WI 53707-7876
If you’re in a rush, select overnight or next-day shipping for your official bond form.
How Do Wisconsin Loan Company Surety Bonds Work?
If the principal (loan company) violates the bond terms and a consumer is harmed, the surety will pay for damages up to the bond amount. However, the principal is ultimately responsible for reimbursing the surety.
These bonds remain active unless canceled. If either party decides to terminate the bond early, they must provide 60-days’ written notice to the Department of Financial Institutions.
Who Regulates Loan Company Licensing in Wisconsin?
To become a licensed loan company in Wisconsin, follow the DFI’s application requirements and submit your materials online through the NMLS. Use the NMLS Wisconsin Loan Company License Application Checklist to ensure you complete all the necessary documentation.
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
