A Nevada check cashing service bond is required of any operation involved in offering deferred deposit loans, high-interest loans, title loans and check-cashing services. For the purposes of regulation, check cashing services and deferred deposit services are lumped into the same category by the Department of Business and Industry. The Nevada check casher bond required by statute must be payable to the State of Nevada in the amount of $50,000 plus an additional $5,000 for each branch location at which the applicant proposes to do business under the license. Thereafter, each licensee shall maintain the surety bond so that the amount of the Nevada check cashing service bond is $50,000 plus an additional $5,000 for each branch location at which the licensee does business under the license. The surety bond required by this section is for the use and benefit of any customer receiving the services of the licensee at any location at which the licensee does business under the license. Pursuant to NRS 604A.610 Part 4. Whenever the principal sum of any Nevada check casher service bond is reduced by recoveries or payments thereon, the licensee shall furnish: (a) A new or additional bond so that the total or aggregate principal sum of the bonds equals the sum required pursuant to subsection 1; or, (b) an endorsement, duly executed by the surety, reinstating the bond to the required principal sum. The Nevada check cashing service bond obligation states that the check casher must comply with all provisions of the Chapter 604A of the Nevada Revised Statues, and the rules and regulations lawfully adopted thereunder, during the term of the deferred deposit loans, high-interest loans, title loans and check-cashing services registration ande must pay any and all final judgments and orders, with expenses, that become due or owed. Nevada surety leader, Surety One, Inc. is one of the largest financial services bond underwriters in the United States. Our progressive underwriting solutions can provide you the surety bond that you need. We can offer you terms on your check cashing store bond no matter what your financial condition. Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for a Nevada check cashing service bond application or information about any bond need.
