A Deferred Presentment Service Provider bond is required for businesses that offer payday loans or short-term cash advances in North Dakota. This $20,000 bond protects consumers by ensuring these lenders follow state laws and regulations. If a payday loan company breaks the rules, cheats customers, or fails to meet le…
Overview
What it is.
A Deferred Presentment Service Provider bond is required for businesses that offer payday loans or short-term cash advances in North Dakota. This $20,000 bond protects consumers by ensuring these lenders follow state laws and regulations. If a payday loan company breaks the rules, cheats customers, or fails to meet le…
Who usually needs it
Payday lenders, also known as deferred presentment service providers, who provide short-term loans where customers defer the presentment of personal checks or authorize electronic fund transfers must obtain this bond. The bond is required as a condition of licensure and to protect consumers from financial harm if the lender violates state regulations or eng…
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateNDBond amount$20,000ObligeeState of North DakotaBond classLicense BondCategoryOtherBondDeferred Presentment Service ProviderPlain descriptionA Deferred Presentment Service Provider bond is required for businesses that offer payday loans or short-term cash advances in North Dakota. This $20,000 bond protects consumers by ensuring these lenders follow state la…Who needs this bondPayday lenders, also known as deferred presentment service providers, who provide short-term loans where customers defer the presentment of personal checks or authorize electronic fund transfers must obtain this bond. T…
