In the state of Ohio, there is a new law concerning short term lenders. HB 545, enacted on 06/02/2008, controls short-term lenders while requiring licensure and a surety bond from a state licensed surety or bonding company. The surety bond must be at least $100,000 unless the license applicant is a non-profit corporation, in which case the bond requirement is reduced to $50,000. The term of the bond runs along with the license period. HB 545 became operational 3 months after it was filed with the Secretary of State.
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Ohio Short Term Lenders License Bond
October 30, 2009 by Eric WeisbrotCategory: Commercial Bonds, Surety NewsTags: bond requirements, legislation, OH, Ohio, Short Term Lenders License Bond, surety bond | Comments (0)
