Form LFS150 Sales Finance Company Bond - Wisconsin

What Is Form LFS150?

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 Form LFS150 Sales Finance Company Bond?A: Form LFS150 is a bond required by the Wisconsin Department of Financial Institutions for sales finance companies.

Q: What is a sales finance company?A: A sales finance company is a business that provides loans to consumers to finance the purchase of goods or services.

Q: Why is the bond required?A: The bond is required to provide financial protection to consumers in case the sales finance company fails to fulfill its obligations.

Q: How much is the bond amount?A: The bond amount varies depending on the sales finance company's annual loan volume.

Q: How can I obtain this bond?A: You can obtain the Form LFS150 Sales Finance Company Bond from a licensed surety bond company.

Q: What happens if I don't get the bond?A: Failure to obtain the bond may result in your sales finance company license application being denied.

Q: Is this bond specific to Wisconsin?A: Yes, this bond is specific to sales finance companies operating in Wisconsin.

Q: Are there any other requirements for sales finance companies in Wisconsin?A: Yes, sales finance companies are also required to obtain a license from the Wisconsin Department of Financial Institutions.

Q: How long does the bond need to be maintained?A: The bond must be maintained for as long as the sales finance company continues to operate in Wisconsin.

Q: Can I cancel the bond after obtaining it?A: No, the bond cannot be cancelled before the expiration of the sales finance company's license.