Form DFI / LFS / 340 Loan Company Bond - Wisconsin

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What Is Form DFI/LFS/340?

This is a legal form that was released by the Wisconsin Department of Financial Institutions - a government authority operating within Wisconsin. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is a Form DFI/LFS/340 Loan Company Bond?
A: The Form DFI/LFS/340 Loan Company Bond is a type of surety bond that is required for loan companies in the state of Wisconsin.

Q: Why is a Form DFI/LFS/340 Loan Company Bond required in Wisconsin?
A: The bond is required to protect consumers from any financial losses resulting from the loan company's noncompliance with state laws and regulations.

Q: What does the Form DFI/LFS/340 Loan Company Bond cover?
A: The bond provides financial compensation to consumers who may suffer financial harm due to the loan company's failure to fulfill their contractual obligations.

Q: Who needs to obtain a Form DFI/LFS/340 Loan Company Bond in Wisconsin?
A: Any loan company operating in Wisconsin is required to obtain this bond as part of their licensing process.

Q: How much does a Form DFI/LFS/340 Loan Company Bond cost?
A: The cost of the bond will vary depending on the loan company's financial stability and creditworthiness. It is typically a percentage of the bond amount required by the state.

Q: How long is a Form DFI/LFS/340 Loan Company Bond valid?
A: The bond is typically valid for one year from the date it is issued.

Q: What happens if a loan company fails to obtain or maintain a Form DFI/LFS/340 Loan Company Bond?
A: Failure to obtain or maintain the required bond can result in penalties, fines, or even the suspension or revocation of the loan company's license.

Q: Can a loan company cancel a Form DFI/LFS/340 Loan Company Bond?
A: Cancellation of the bond can only be done by the surety bond company providing the bond. It is important to consult with the bond provider to understand the process and any potential implications.

Q: Is a Form DFI/LFS/340 Loan Company Bond the same as insurance?
A: No, a surety bond is different from insurance. While insurance protects the insured party, a surety bond protects the party requiring the bond (in this case, the consumers).

Form Details:

Released on February 1, 2001;
The latest edition provided by the Wisconsin Department of Financial Institutions;
Easy to use and ready to print;
Quick to customize;
Compatible with most PDF-viewing applications;
Fill out the form in our online filing application.

Download a fillable version of Form DFI/LFS/340 by clicking the link below or browse more documents and templates provided by the Wisconsin Department of Financial Institutions.