The California Department of Business Oversight adopted regulations to implement a new law that requires student loan servicers to be licensed and post a minimum $25,000 surety bond.
The law provides that a larger bond amount can be required by regulations based on the dollar amount of the loans that the licensee services. The new regulations require the surety bond to be in an amount ranging from $25,000 to $100,000 based on the dollar volume of student loans serviced in the previous calendar year.
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If you’re ready to get a free surety bond quote to meet this new surety bond requirement, you can simply apply online. We are the nation’s largest volume bond producer, and provide the lowest rates in the industry.