The state of Wisconsin requires professionals, companies, and agencies to post surety bonds to protect those with whom they do business. We carry popular Wisconsin bonds including collection agency bonds, loan company bonds, and payday lender bonds.
In addition to state bonds, there are over 80 city and county bonds required across the state, from Appleton to Wisconsin Rapids. Many cities require plumbing, electrical, and paving contractors to be bonded, for example.
To make sure you are in compliance with Wisconsin bonding regulations, contact NNA Surety Bonds. We’ve been providing reliable coverage to companies and individuals across the United States since 1957.
Collection agencies in Wisconsin are licensed by the state’s Department of Financial Institutions, which requires a bond of either $25,000 or $35,000. The larger figure is required if any of the agency’s records are maintained outside of Wisconsin.
The bond’s purpose is to protect consumers victimized by unethical or unlawful debt collection practices. Should a claim of financial harm be upheld, the victim is compensated up to the penal sum of the bond, and the collection agency must repay that amount.
Your bond premium will vary with the bond’s coverage amount and your credit rating. For those with strong credit, your premium could be as low as $250 or $350.
To operate a licensed loan company in Wisconsin, you must post a surety bond in the amount of $5,000 per location or $50,000, whichever is less. The bond helps protect consumers against oppressive or deceptive practices such as threats, improperly disclosing debtor information, and making collect calls to debtors.
The cost of this bond starts at $100, but will vary with the number of locations and your credit rating, as well as an underwriter’s assessment of your company’s financial strength.
As a payday lender in Wisconsin, you must post a $5,000 surety bond for every licensed location to the state’s Department of Financial Institutions. The bond’s purpose is to protect consumers by providing financial recourse if a claim of wrongdoing is upheld. Prohibited acts include advertising deceptive rates, allowing customers to repeatedly repay old loans with newer loans, and lending a customer more than $1,500 (or 35% of the customer’s gross monthly income, if less than $1,500).
This bond’s premium starts at $100 for a single location. It will vary with additional locations and with an underwriter’s assessment of your financial strength, including personal credit rating.
|Bond Name||Coverage Amount||Cost
|Collection Agency Bond||$20,000/$35,000||$250/$350*||Wisconsin Department of Financial Institutions|
|Loan Company Bond||$5,000-$50,000||$100*||Wisconsin Department of Financial Institutions|
|Payday Lender Bond||$5,000 per location||$100*||Wisconsin Department of Financial Institutions|
* Cost can vary depending on the bond amount required and your credit rating
Our knowledge of Wisconsin bond requirements enables us to provide accurate quotes quickly. For guidance through the process of selecting or renewing surety bonds for your business, talk to one of our experts today.