Mississippi Credit Availability Act Bond Guide
All payday lenders in Mississippi need to file a $10,000 surety bond to operate under the Credit Availability Act.
Bond Overview
- Purpose: To ensure payday lenders follow state regulations
- Who Needs It: Payday lenders operating in Mississippi
- Regulating Body: The Mississippi Department of Banking and Consumer Finance
- Required Amount: $10,000
- Premium Rates: $150
Keep scrolling to learn more about the bonding process.
What Is a Mississippi Credit Availability Act Bond?
A Mississippi credit availability act bond ensures that payday lenders uphold state regulations. The Department of Banking and Consumer Finance (DBCF) requires this type of license and permit bond to apply for a credit lender license.
How Much Do Credit Availability Act Bonds Cost in Mississippi?
The Mississippi DBCF requires all payday lenders to file a $10,000 surety bond. The bond premium is a flat rate of $150 — no credit check required! Buy your bond instantly online now.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Mississippi Payday Loan Bond Work?
A Mississippi payday loan bond is a legal contract between three parties:
- Principal: The payday lender purchasing the bond
- Obligee: The Mississippi Department of Banking and Consumer Finance requiring the bond
- Surety: The provider issuing the bond
Under this contract, you, as the principal, promise to uphold all provisions under the Mississippi Credit Availability Act. If you break the bond terms, harmed parties can file claims on the bond. The surety will validate and pay claims up to the full bond amount. However, you are ultimately responsible for refunding the surety.
Who Needs a Payday Lender Bond?
The DBCF requires all payday lenders to provide proof of financial security. You can submit either a $10,000 surety bond or cash collateral.
A surety bond is typically the most affordable and efficient option, requiring only an upfront premium.
How Do I Get a Credit Availability Act Bond in Mississippi?
SuretyBonds.com provides the fastest and easiest way to get a credit availability act bond. Just follow these simple steps:
- Enter Information: Fill out the quick request form in our online portal
- Pay Invoice: Complete your purchase online or over the phone
Once your order is processed, we’ll upload the official bond form directly to NMLS on your behalf.
How Fast Can I Get My Bond?
SuretyBonds.com offers instant Mississippi payday lender bond delivery 24/7. Purchase now to receive your official bond in minutes.
Can I Get Bonded With Bad Credit?
Yes, this bond does not require a credit check! All applicants are automatically approved at the same price, regardless of credit score.
How Do I Renew My Payday Loan Bond?
Credit availability act bonds expire annually on September 30. When you work with SuretyBonds.com, we’ll send you reminders and a renewal invoice before your bond expires.
Once you pay your renewal premium, we’ll issue a continuation certificate to keep your bond active for another year.
How to Get a Credit Availability License in Mississippi
The Mississippi Department of Banking and Consumer Finance oversees the licensure of all payday lenders and credit availability providers in the state. To apply, purchase the surety bond, complete the form in NMLS, and submit the following documents:
- Background check authorization
- Current financial statement demonstrating a company net worth of $20,000 plus $5,000 for each additional location
- Proof of authorization to do business in Mississippi from the past 60 days
- $750 initial license fee
- $36.25 per person background check fee
Credit availability licenses expire annually on December 31. To renew, fill out the online form and pay the $476 renewal fee and the $100 company fee.
