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Official Government Sites
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Revised Statues - Chapter 45 Interest, Loans, and Debt
45-119: Installment loans; license; bond.
Such license shall not be issued until the licensee gives to the Director of Banking and Finance for the Department of Banking and Finance a bond in the penal sum of two thousand dollars to be executed by the licensee and a surety company approved by the director for the department, conditioned for the faithful performance by the licensee of the duties and obligations pertaining to the business of moneylending so licensed and the prompt payment of any judgment recovered against him or her, the licensee, or for which any one of the licensees may be liable under the provisions of sections 45-114 to 45-158. The required bond shall be renewed and refiled annually on or before March 1 of each year or the licensed person, firm, association, or corporation shall, within thirty days thereafter, cease doing business, and his, her, their, or its license shall be revoked by the Director of Banking and Finance. The bond, until renewed and refiled, shall remain in full force and effect. The requirements of this section for the licensee to give bond to the Director of Banking and Finance shall not apply to licensees that are banks, trust companies, cooperative credit associations, building and loan associations, or industrial loan and investment companies.
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