Washington Consumer Loan Business License Surety Bond

The State of Washington Department of Financial Institutions has established the following Surety Bond Requirements for companies wanting to be licensed as a Consumer Loan Business or Consumer Loan Servicer.   Surety Bond amounts are based on the prior year loan origination volume.  For new licensees without prior year values, a surety bond of $100,000 is required unless the company is only servicing loans which only requires a $30,000 bond amount. If the company has loan origination volume from the previous year in Washington, the company can use that volume to determine the required bond amount (as per WAC 208-620-320) 

Consumer Loan Business Surety Bond Requirements

Includes Residential and Non-Residential Loan Origination

Loan Volume Surety Bond Amount
Up To $20 Million  $30,000.00
$20-$40 Million $50,000.00
$40 - $50 Million  $100,000.00
In Excess of $50 Million   $150,000.00

 

Consumer Loan Servicers Surety Bond Requirements

If you are only servicing residential mortgage loans, your bond amount at the time of initial application is thirty thousand dollars. Every year thereafter the bond amount is subject to annual adjustment.  The bond amount is to be based on the annual dollar amount of the residential mortgage loans serviced pursuant to the following amounts.  (includes Residential Loan Servicing Business License Surety Bond) 

Loan Principal   Surety Bond Amount
Up To $50 Million $30,000.00
In excess of $50 Million   $50,000.00

Apply for your Washington Consumer Loan Business License Surety Bond and let our expert staff get the bond you need at the lowest possible price!