Mississippi Small Loan License Bond Guide
If you’re applying for a small loan broker license in Mississippi, you’ll need a minimum $1,000 surety bond.
Bond Overview
- Purpose: To protect borrowers from harm if loan brokers break state laws
- Who Needs It: Small loan brokers in Mississippi
- Regulating Body: The Mississippi Department of Banking and Consumer Finance
- Required Coverage: $1,000 per licensed office
- Premium Rate: $100 for up to $5k coverage, credit-based for over $5k
Learn all about the bond requirements and process in this guide.
What Is a Mississippi Small Loan License Bond?
A Mississippi small loan broker bond, also known as a small loan regulatory and privilege tax law, protects borrowers from harm if small loan brokers break state laws.
The Department of Banking and Consumer Finance requires this bond as part of the licensing process for all small loan brokers in Mississippi.
How Much Do Small Loan License Bonds Cost in Mississippi?
To get a small loan broker license, you’ll need a $1,000 in surety bond coverage for each office location. You can get up to $5,000 bond coverage for a flat rate of $100.
If you have more than five office locations, you’ll need to apply for a personalized quote. Your rate will be 1–10% of the total bond coverage based on personal credit score.
Buy your bond in minutes or apply for a free quote!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Small Loan License Bond?
The Department of Banking and Consumer Finance requires this bond for all licensed small loan brokers in Mississippi under the Small Loan Privilege Tax Law.
If you’re applying for a consumer loan license instead, please visit our Mississippi Consumer Loan Broker Act Bond Guide. Or, if you’re a payday lender, visit our Mississippi Credit Availability Act Bond Guide.
How Do I Get My Bond?
With SuretyBonds.com, you can buy your Mississippi small loan broker bond for up to $5,000 coverage instantly online. Just enter your information and checkout in minutes.
If you need more than $5,000 coverage, submit an online quote request form to receive your free quote in 1 business day.
Once you complete the purchase, we’ll upload the bond instantly to the NMLS on your behalf. If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Mississippi Small Loan License Bond Work?
As with all surety bonds, a small loan license regulatory law bond creates a legal contract between three parties:
- Principal: You, the small loan broker filing the bond
- Obligee: The Department of Banking and Consumer Finance requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the Small Loan Privilege Tax Law.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
To renew your small loan broker bond, simply pay your renewal invoice when prompted. We’ll begin contacting you by phone and email 90 days before the expiration date.
After renewing, we’ll file a continuation certificate to the NMLS as proof of ongoing coverage.
