Missouri Consumer Credit Lenders Bond Overview
- Purpose: To ensure lenders uphold the law and operate honestly
- Who Needs It: Small loan companies and consumer installment lenders who don’t submit a CPA audit
- Regulating Body: The Missouri Commissioner of Finance
- Bond Amount: $100,000
- Minimum Price: $1,000, or 1% of the bond amount
What Is a Missouri Consumer Credit Lenders Bond?
A Missouri consumer credit lenders bond protects the public from fraudulent or negligent lending practices.
If you’re applying for a small loan company or consumer installment loan license with the Commissioner of Finance, you’ll need to get an annual CPA audit or file a $100,000 surety bond. This proves your financial stability to the state.
How Much Do Consumer Credit Bonds Cost?
Missouri consumer credit lenders bonds start at $1,000, or 1% of the bond amount, based on credit score. Apply today for a free quote!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Missouri Consumer Credit Lenders Bond Work?
This bond forms a legal contract between you, the state and the surety.
| Bond Party | Description |
|---|---|
| Principal | You, the consumer credit lender purchasing the bond |
| Obligee | The Missouri Commissioner of Finance requiring the bond |
| Surety | The issuing surety provider |
If you break any Missouri consumer credit laws, harmed parties can file bond claims. The surety will pay valid claims up to your full bond amount, but you’re responsible for reimbursement.
How Do I Get Bonded?
You can get bonded in just one business day. Just follow these steps:
- Fill out the quote request form and provide any financial information as needed
- Pay the premium and e-sign the bond documents
- Receive your official bond via email
That’s it! Once you file the bond form, you’re officially “bonded” and can complete your consumer lender license application.
How Do I Renew My Bond?
Missouri consumer credit lender bonds expire annually on the issue date. We’ll send you reminders starting 90 days before renewal. Once you pay the invoice, you’ll receive a continuation certificate to file with the Commissioner of Finance.
How Do I Update My Bond Information?
If you need to change any information on your bond form, such as name or address, email [email protected]. We’ll issue a bond rider to file with the Commissioner.
How to Get a Small Loan Company License in Missouri
A Missouri small loan company license allows you to make loans in any amount more than $500. You need to get a separate license for each location. Follow these steps to apply:
- Get a CPA audit or file a $100,000 surety bond
- Complete the license application
- Mail all materials to the Division of Finance
The annual licensing fee is $600 and will be prorated based on when you apply. Your license will expire annually on June 30.
