Washington Regulated Loan/Consumer Loan Company Surety Bond
New Consumer Loan Company licensees conducting origination, lending, or student loan servicing activities are required to have an Electronic Surety Bond (ESB) on file in the amount of $30,000. If a company has origination volume in the prior year, the surety bond amount required is calculated based upon the origination volume for the preceding calendar year in Washington, according to the following table:
| Bond Amount Required | Annual Premium | |
| $0 - $20,000,000 | $30,000 | $180 |
| $20,000,001- $40,000,000 | $50,000 | $300 |
| $40,000,001- $50,000,000 | $100,000 | $600 |
| $50,000,001+ | $150,000 | $900 |
Overview
All consumer loan licensees conducting origination, lending, or student loan servicing activities are required to have a surety bond issued in the Nationwide Mortgage Licensing System (NMLS). The amount of the bond varies by activity and ranges between $30,000 and $150,000. The NNA has secured premiums of $6 per $1,000 in liability for all Washington mortgage brokers to obtain this bond without a credit check.