Credit Plan Lenders Bond for Virginia
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.
Latest posts by Victor J. Lance, President/Owner (see all)
- How to Get an Oklahoma Mortgage Broker License [2020 Guide] - September 29, 2020
- Lance Surety Bonds is on the Inc. 5000 List! - September 23, 2020
- A Simple Guide to Understanding Bail Bonds  - September 21, 2020