California Deferred Deposit Transaction Law Licensee Surety Bond
A deferred deposit transaction is where a person or entity defers depositing a customers personal check until a specific date in the future, pursuant to a written agreement between the two parties. This is a form of loan commonly referred to as a payday advance, payday loan, post dated check loan, check advance loan.
In the state of California, all Deferred Deposit Transaction Law Licensee's are required to post a $25,000 Surety Bond payable to the Commissioner of Corporations and is for the recovery of expenses, fines and fees assessed for losses or damages incurred by the consumer as a direct result of noncompliance by the licensee.
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