We Want Newsletter Feedback:
Spring 2018 Newsletter
Check Casher/Seller and Payday Lender Industry Update
| License Types | As of April 2018 | As of April 2017 |
| Check Casher - Main Office | 106 | 110 |
| Check Casher Branch Office | 264 | 267 |
| Check Seller Main Office | 1 | 1 |
| Payday - Main Office | 24 | 26 |
| Payday - Branch Office | 56 | 60 |
Electronic Surety Bond Conversion
The process of converting paper surety bonds to the new Electronic Surety Bond (ESB) is now in full swing. To date, 8 Check Cashers with Small Loan Endorsement licensees completed the conversion process. The Department appreciates the willingness of these licensees to jump in early to finish the conversion.
Check Casher with Small Loan Endorsement Licensees who haven’t yet converted to ESB should consider starting that process soon. The conversion deadline is July 1.
Converting a paper surety bond to ESB involves granting authority to the surety company in NMLS, coordinating with the surety so the electronic bond can be created and then routing that electronic bond from the surety to the licensee and then to the Department. The following are some challenges faced by licensees:
- Once the bond is delivered by the surety, licensees must designate a signer for the bond and that person must log into NMLS to “sign” the bond
- Signed bonds must be designated “Mark Ready” in order to be delivered to the Department