Credit Plan Lenders Bond for Virginia

Category: Uncategorized
Published: Mar 16, 2012
SB 250: License Bond – Open-End Credit Plan Lenders

This bill will require open-end credit plan lenders to be licensed and to post a $10,000 surety bond for each location. These combined cannot exceed $50,000, and the bond will be conditioned on the licensee’s performance of all written agreements with borrowers or prospective borrowers. This must also be correctly and accurately accounting for all funds received in the course of his or her business and conducting his or her business in compliance with all applicable laws. The surety’s aggregate liability will be limited to the penal sum on the bond and the bill will amend actions on the bond as well.

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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.