The ProSure Group

Florida Title Loan Act Surety Bond

What is a Florida Title Loan Bond?

  • A Florida Title Loan Act Bond or a Title Loan Bond is a $100,000 surety bond that is required for licensure to conduct business as a title loan lender in the State of Florida. The Florida Title Loan Act (Chapter 537, Florida Statutes) and it’s surety bond requirement became effective on Oct. 1st, 2000. A separate title loan lender license is required for each title loan office, in addition, a $100,000 surety bond is required for each license.
  • Per Florida Statutes, Chapter 537, a title loan is defined as a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle, except such loan made by a person licensed under Chapter 516, Chapter 520, Chapter 655, Chapter 657, Chapter 658, Chapter 660, Chapter 663, Chapter 665, or Chapter 667 or a person who complies with Section 687.03, Florida Statutes.

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  • Florida Title Loan Lender Bonds are individually underwritten so the cost can vary and is dependent on the personal credit report of the applicant as well as personal financials and business financials. Customers with good credit scores and good overall financials could qualify for a rate as low as 1% of the bond amount. Of course, we can typically handle all credit types and financial situations — from excellent to poor — as such those terms vary.
  • For example, applicants with good credit scores (generally 680 or higher) and good business and personal financials pay as low as $1,000 for a 1-year term for their surety bond.
  • The Florida Title Loan Act Surety Bond protects the public against fraudulent acts and unethical business activities conducted by the Principal or the Title Lender. By posting the surety bond, the Principal is guaranteeing they will faithfully perform all responsibilities and duties under the provisions of Chapter 537, Florida Statutes, otherwise known as the Florida Title Loan Act, as well as abide by all regulations and rules set forth by the Office of Financial Regulation.
  • The Florida Title Loan Act establishes the maximum interest allowed for title loan charges (F.S. Section 537.011); establishes the detail and scope of recordkeeping, reporting and safekeeping of property (F.S. Section 537.009) and; lists prohibited acts (F.S. Section 537.013) including: falsifying or failing to make an entry of any material matter in a title loan agreement, refusing to allow the Office to inspect any agreement or property, entering into an agreement with a person under the age of 18 years old or a person under the influence of drugs or alcohol, charging prepayment penalties or any finance charge, interest or fee which is not authorized pursuant to the law, failing to return loan property or repossessed titled personal property, failing to exercise reasonable care in the safekeeping of loan property, selling any type of insurance in connection with a title loan agreement, and more.

The Florida Office of Financial Regulation, Division of Consumer Finance, administers the license and requires a surety bond, certificate of deposit, or a letter of credit to be filed with the office in pursuant to Section 537.005, Florida Statutes. The secured party or the Obligee on the surety bond is the Financial Services Commission of the Office of Financial Regulation. They would be acting on behalf of the public and injured party.

  • The Florida Title Loan Lender Surety Bond runs continuously from effective date until canceled. The bond may be cancelled and discontinued with 30 days written notice from the Surety to the Principal and the Office of Financial Regulation. The bonding company will renew and bill for the bond annually.
  • The licensing period shall not exceed 2 years. Upon expiration the license can be renewed biennially by filing a renewal form and submitting a $1,200 renewal fee to The Florida Office of Financial Regulation.

Contact The ProSure Group. As surety bond experts in business over 23 years in Florida, The ProSure Group has handled numerous bonds of this type and has partnerships with more than 30 different surety companies. This ensures that we get you the best, most competitive pricing and terms available in the marketplace. You just need to complete our simple application and one of our specialists will quickly contact you.

What you will need to submit to obtain your license:

  • Completed Application (Form OFR-TLL 101)
  • $200 Investigation Fee
  • $1,200 Application Fee
  • $100,000 Surety Bond or other security
  • Fingerprints and Biographical Summary (Form TLL-BIO-1) for all equitable owners with 10% or more interest in the business
  • And more.
If you don't see the bond you're looking for give us a call at (800) 480-3883 and speak to one of our many
Florida Title Loan Act Surety Bond Experts!
Type Bond Obligee Bond Amount
License Florida Title Loan Act Surety Bond Financial Services Commission of the Office of Financial Regulation