Alabama Consumer Lender Bond
Effective as of November 21, 2009, a surety bond is now required for consumer lenders in the state of Alabama. The surety bond is needed if the lender does not meet net worth requirements of the state. The State Banking Department will determine the actual bond amount.
Be sure to check with the state (obligee) for more specific details and requirements.
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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.
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