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.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.