Details

The Department's FAQs confirm $25,000 for the main office plus $5,000 per branch, with a $100,000 total ceiling. Each licensee needs its own NMLS account and installment-lending-specific security; an existing mortgage or other Department license bond cannot simply be counted toward this requirement. Provide the actual entity and complete location list so the requested coverage matches the license.

Section 7-3-21 permits creditors and claimants to bring a direct action, limits aggregate surety liability to the face sum and requires restored security after recoveries reduce it. Cancellation notice must go electronically through NMLS and takes effect no sooner than thirty days after Department receipt, without erasing earlier breaches. The Department requires maintained coverage and says a lapse can trigger a cease-and-desist order and license expiration; a renewal application alone does not continue the bond.

Purchase Now opens Propeller's Georgia Installment Lender application in a new tab. Bring the current Department request, legal company and NMLS identifiers, all locations, existing bond, required sum and dates. Confirm the accepted electronic instrument before paying. Arrange execution and electronic NMLS delivery, check that the Department receives the correct coverage, complete separate company and branch approvals and retain acceptance. The Department does not accept a paper bond for this requirement.