Oklahoma Supervised Lender Bond

How the Oklahoma Supervised Lender Bond Works

Under 14A O.S. § 3-503, the bond runs to the State for the use of the State and persons who may have a cause of action against the principal under the Oklahoma Consumer Credit Code. It is conditioned on the lender faithfully complying with the Code and lawful rules and paying amounts that become due under the Code during the calendar year for which the bond is given.

The bond generally involves three parties:

Principal: Oklahoma supervised lender licensee

Obligee: State of Oklahoma / Administrator of Consumer Credit

Surety: Surety company qualified to do business in Oklahoma

Learn about the surety bond claim process for general information about claims and principal reimbursement obligations.

Additional Locations

The statutory formula permits up to $5,000 for the first license and $1,000 for each additional license. The supplied $5,000 product therefore reflects the first-license requirement. Businesses with additional licensed locations should confirm the total required bond amount with the Oklahoma Department of Consumer Credit.

How to Get the Oklahoma Supervised Lender Bond

1. Complete the online bond application.
2. Purchase the $5,000 bond for the first supervised lender license.
3. If applying for additional licenses or locations, confirm whether additional $1,000 increments are required.
4. Complete underwriting, pay the applicable premium, and obtain the bond.
5. Submit and maintain the bond as required by the Oklahoma Department of Consumer Credit.

Review the Oklahoma Department of Consumer Credit Supervised Lender licensing page and Oklahoma Consumer Credit Code for current requirements.

Get Your Oklahoma Supervised Lender Bond

Start your Oklahoma Supervised Lender Bond application online. For assistance, call 855-215-2160.