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Florida Title Loan Act Surety Bond. What exactly is a Florida Title Loan Bond?

Florida Title Loan Act Surety Bond. What exactly is a Florida Title Loan Bond?

  • A Florida Title Loan Act Bond or even a Title Loan Bond is really a $100,000 surety relationship that is necessary for licensure to conduct business as a name loan lender within the State of Florida. The Florida Title Loan Act (Chapter 537, Florida Statutes) also it’s surety relationship requirement became effective on Oct. first, 2000. a title that is separate loan provider permit is necessary for each title loan workplace, in addition, a $100,000 surety relationship is needed for every permit.
  • Per Florida Statutes, Chapter 537, a title loan means that loan of cash to a customer guaranteed by bailment of the certification of name to an auto, except such loan created by an individual certified under Chapter 516, Chapter 520, Chapter 655, Chapter 657, Chapter 658, Chapter 660, Chapter 663, Chapter 665, or Chapter 667 or someone who complies with area 687.03, Florida Statutes.