Mississippi Small Loan Bond A Comprehensive Guide Mississippi requires small loan brokers to purchase a surety bond as part of the application process to obtain a business license. the bond ensures that the public will receive compensation for financial harm if the loan broker fails to comply with the regulations set forth in mississippi statutes 76 67 101 through 139 . The mississippi small loan bond (also referred to as a small loan privilege tax bond) is a $1,000 surety bond required of businesses which are licensed to lend money pursuant to the state’s small loan privilege tax law as amended. the surety bond amount of $1000 is required per location of your business, but qualifying is instantaneous.
Mississippi Small Loan Bond A Comprehensive Guide Consumer finance the consumer finance division is a nonbank division within the department responsible for licensing and regulatory supervision of consumer industries with operations in mississippi. the division regulates 10 industries totaling 2,874 licensees. the industries include money transmitter, small loan, check cashers, pawnbroker, title pledge, consumer loan broker, insurance premium. A mississippi small loan license bond is a surety bond required by the mississippi department of banking and consumer finance for businesses engaged in making small loans in the state. the bond guarantees that the business will comply with all applicable laws and regulations pertaining to making small loans. Small loan privilege tax law. § 75 67 201. title of article. this article shall be known as and referred to as "the small loan privilege tax law" of this state. sources: codes, 1942, § 5591 31; laws, 1958, ch. 168, § 1, eff from and after july 1, 1958. § 75 67 203. definitions. the following words and phrases, when used in this article. Mississippi small loan license bond you are required to obtain a bond for your small loan company to protect your customers. if you do not follow your state's regulations, a claim can be filed on your bond.
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