California Deferred Deposit Transaction Law License Bond
Bond Requirements & Set Rates
| Bond Amount Required | Annual Premium |
| $25,000 | $375 |
Professionals providing payday loans or deferred deposit transactions in California must get a surety bond for licensure. Required by the California Department of Financial Protection and Innovation (DFPI), the California deferred deposit transaction law license (CDDTL) bond protects consumers from financial harm due to misconduct or violations of the law.
Cost of a California Deferred Deposit Transaction Bond
The cost of the $25,000 CA deferred deposit transaction law license bond is $375 with NNA Surety.
How the California Deferred Deposit Transaction Law License Bond Works
A California deferred deposit transaction law license bond is a three-party agreement involving:
- Principal: Payday lender or deferred deposit business
- Obligee: California Department of Financial Protection and Innovation
- Surety: Bonding company issuing the bond
The bond guarantees the principal will comply with all California payday lending regulations. If a licensee violates the law, such as charging illegal fees or failing to honor loan agreements, a consumer or the DFPI may file a claim. If validated, the surety will pay damages up to the bond amount, and the principal is responsible for reimbursing the surety.
Get Your Deferred Deposit Transaction Law License Bond Today
Stay compliant with payday lending laws with the California deferred deposit transaction bond. Complete this form, provide payment details, and receive your bond within a day. For more information, call 855-457-2196 to speak to one of our surety experts.