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Florida Title Loan Act Surety Bond. What’s a Florida Title Loan Bond?

17 December, 2020 | By |

Florida Title Loan Act Surety Bond. What’s a Florida Title Loan Bond?

  • A Florida Title Loan Act Bond or a Title Loan Bond is just a $100,000 surety relationship that is needed for licensure to conduct company being a name loan lender into the State of Florida. The Florida Title Loan Act (Chapter 537, Florida Statutes) also it’s surety relationship requirement became effective on Oct. first, 2000. a title that is separate loan provider permit is necessary for every name loan workplace, in addition, a $100,000 surety relationship is needed for every license.
  • Per Florida Statutes, Chapter 537, a title loan is understood to be that loan of cash to a customer guaranteed by bailment of the certification of title to an automobile, except such loan produced by an individual licensed under Chapter 516, Chapter 520, Chapter 655, Chapter 657, Chapter 658, Chapter 660, Chapter 663, Chapter 665, or Chapter 667 or someone who complies with area 687.03, Florida Statutes.

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  • Florida Title Loan Lender Bonds are individually underwritten so that the price can differ and it is influenced by the individual credit file for the applicant along with personal financials and company financials. Clients with good credit ratings and good financials that are overall be eligible for an interest rate as little as 1% regarding the relationship quantity. Needless to say, we are able to typically manage all credit kinds and economic situations — from excellent to poor — as such those terms differ. Read More