Louisiana Loan Brokers | $25,000 Loan Brokers Surety Bond

Also known as: loan broker bond

Type of Bond

A Louisiana loan broker bond is a type of surety bond that is required for individuals or businesses operating as loan brokers in the state of Louisiana. The bond serves as a financial guarantee to protect consumers and the state from any potential misconduct or fraudulent activities by loan brokers. The purpose of the bond is to ensure that loan brokers adhere to the laws, regulations, and ethical standards set forth by the Louisiana Office of Financial Institutions (OFI). It provides assurance that loan brokers will act in accordance with professional and legal obligations, such as accurately disclosing loan terms, fees, and conditions, handling client funds responsibly, and avoiding any deceptive or unfair practices. If a loan broker fails to fulfill their obligations or engages in wrongful conduct, such as misappropriation of funds or deceptive practices, a claim can be filed against the bond. The claim is typically made by a harmed party, such as a borrower or the OFI. If the claim is deemed valid, the surety company that issued the bond will provide financial compensation up to the bond amount to cover any resulting damages. It's important to note that while the surety company initially covers the claim amount, the bonded loan broker is ultimately responsible for reimbursing the surety for any claims paid out. Failing to repay the surety may result in legal consequences and can impact the loan broker's ability to continue operating in the state. In summary, a Louisiana loan broker bond is a surety bond required for individuals or businesses operating as loan brokers in the state. It provides financial protection to consumers and the state, ensuring that loan brokers adhere to legal and ethical standards. The bond can be subject to claims in the event of misconduct, with the surety company providing compensation to affected parties up to the bond amount.


Program

The price you'll pay for your $25,000 Loan Brokers Bond is generally based on your personal credit score. Start a free online quote by just completing a simple app or by calling 888-518-8011. Our experts will walk you through a very simple process. Compare our quote as the very lowest price, and then you're good to go! It's that simple!

We provide all types of $25,000 Loan Brokers Bonds. Worldwide Insurance Specialists, Inc. has "in house" underwriting authority with the largest and best Surety (Insurance) companies in the world including, Great American, Liberty Mutual, Philadelphia, Travelers, and CNA Surety. All of these surety bond companies are A-rated under the AM Best credit rating system, and T-listed with the U.S. Department of Treasury. This guarantees that by getting bonded through us, you will be provided the backing of these highly trustworthy and reliable companies.


Application

The application process for a $25,000 Loan Brokers Bonds is easy! Many Bonds are INSTANT ISSUE! Easy Application, no underwriting, no credit check, no GIA required. Our NEW Desktop underwriting program provides you with a rapid approval process used to determine the degree of risk that you (the Principle) complete a project or obligation. Non-INSTANT ISSUE quotes can also get instantly approved. Submissions require very little information from you. Once you file and sign an indemnity agreement, we issue the Bond. It's that simple! We quote and issue Surety Bonds of every type and will help you through the entire process. These applications only require basic information about your business, bond type, and ownership structure. Once the application is complete, we submit to the insurance company (Surety) who will then issue your bond. Don't pay too much! Get your Bond Fast, and Easy with the best price! Click here to start the Loan Brokers Bond Application process.

The Louisiana Loan Brokers Bond amount is currently set at  $25,000.

Obligee Information

An obligee is the entity that is requiring you to have the Loan Brokers bond.

Obligee: Office Of Financial Institutions