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Why is a Nevada Earned Wage Access Bond Required?
The Department of Financial Institutions is responsible for the surety bond license requirement.
When you successfully get licensed you're essentially being positioned by the state as a business the public can trust to perform earned wage access services.
The surety bond is the only tool the Department of Financial Institutions has to hold the businesses they're issuing licensees to accountable to the law.
It's unfortunate but every year the Department of Financial Institutions receives complaints of businesses that have purposefully committed financial fraud against their customers to make more money.
Examples of earned wage access fraudulent actions can include:
- Charging hidden or excessive fees
- Reporting too early to credit bureaus
- Advancing funds that have not been earned yet
- Using misleading advertising
- Implementing overly aggressive re-payment practices
When a customer of an earned wage access business has proven they were harmed, they can make a claim against the surety bond for financial compensation. Any single claim or the sum of multiple claims are capped by the required bond amount.
In Nevada, the bond amount is $35,000.
| License Classification | Bond Amount |
|---|---|
| Nevada Earned Wage Access Bond Amount | $35,000 |
We'll talk about how much this surety bond will cost in the next section. The good news is, this is lower compared to other states' earned wage access requirements.
How Much Does the Nevada Earned Wage Access Bond Cost?
Remember the bond amount is the total amount of financial compensation available to customers in the event of purposeful fraud.
The price you pay will be a small percentage of this $35,000 bond amount.
Surety bonds are a special type of commercial business insurance and like all insurance, the price is determined by the following three factors:
- Personal credit of the business owner or owners
- Any credit or lending experience
- Prior bond claims if any owner has held any license in the past
The surety, or the insurance company that underwrites earned wage access surety bonds uses these factors to quote a rate.
This rate multiplied by the $35,000 bond amount is the price you'll pay for a bond term.
But, every surety company uses their own internal process to determine this rate. And this is how you can save hundreds of dollars when you purchase your bond.
How To Save Hundreds Of Dollars Buying Your Earned Wage Bond
We're Surety Bonds Direct, a specialized surety agency. It's our job to price shop for our customers and find them the lowest possible price for the bond they need.
Sureties don't share the reasons for the rates they provide, but one surety will quote a rate vastly different from another. This difference is often 1%, 2%, even over 3% in many cases.
As you'll see, for a $35,000 surety bond, a lower rate can save you hundreds of dollars.
The rates used in the table are from really good to average.
| Bond Amount | Premium Rate | Total Cost |
|---|---|---|
| $35,000 | 0.5% | $175 |
| $35,000 | 1.0% | $350 |
| $35,000 | 2% | $700 |
| $35,000 | 3% | $1,050 |
| $35,000 | 4% (high rate) | $1,400 |
Get your pricing today and know exactly what you will have to pay to meet this license requirement.
And if you're not ready to purchase, all quotes are guaranteed for 30 days so there is no rush or pressure if you're not ready to purchase.
Go request your price quote today. Remember, this is free information for you. There's no obligation to purchase. Quotes are good for 30 days.
If you prefer to speak with a bond specialist, you can call 1-800-608-9950.
What Do You Do After You Purchase Your Earned Wage Access Surety Bond?
Once you receive pricing and you're ready to purchase your bond, paying for it is as simple as completing an online order form or paying over the phone.
After your payment is processed, our issuance team will get to work to prepare your bond using the:
- Correct bond form for Nevada
- Required signatures and seals
- Power of attorney
The licensing process for an earned wage access license is handled through the National Multistate Licensing System or NMLS.
Your surety bond will need to be e-filed in the NMLS and we handle this for you.
How Long Does a Nevada Earned Wage Access Surety Bond Last?
In Nevada the earned wage access surety bond has a bond term or 12 months.
When you purchase your bond you'll choose the activation date. And as this date approaches in the following year, you'll need to pay a renewal premium to keep the bond active.
As a customer, we manage this process for you. As your expiration date approaches, you'll receive an email and phone call from your dedicated bond specialist.
They will have pricing ready to go. This is also the time to make any changes to the bond, which is rare.
This bond is considered continuous. This just means after you pay your renewal premium, you're done you won't have to file new paperwork with the NMLS.
Get Your Bond Pricing Today
You can get pricing for the Nevada earned wage access bond you need. Click the button below. You need to know the amount of your bond.
Need Help? Call Us Today
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
Earned Wage Access Bonds And Getting Your Nevada Business License/Registration
If you haven't discovered it yet, the NMLS checklist compiler is a great resource for the steps to obtain your license.
Just select your state and license on the left and you'll get an actual checklist of the steps. At a high level these steps include:
Business Financial Statements
You must upload audited financial statements that are prepared by a CPA. These statements include a:
- Balance sheet
- Income statement
- Statement of cash flows
You can also attach any relevant notes as a further explanation of the provided documents.
Credit Reports and Criminal Background Checks
Any individual in position of control, officers, managers, owners, must submit a personal credit report.
Business Formation Documents And Trade Names
You must provide copies of your business formation documents from the Secretary of State and if you are using any trade names, a list of all registered names.
This will include uploading your business license. If you're a company with your primary location located in another state, you must provide a Nevada Secretary of State Foreign Authority.
Management and Organizational Chart
You must outline the business:
- Directors
- Officers
- Managers
- Resident agent
This will include outlining the compliance reporting and internal audit structure.
Marketing and Business Plan
You'll include how you plan on operating your business:
- Marketing strategies
- The products and services you'll offer (at least one offering must include the option to obtain earned wage access at no cost to the user)
- Target markets you'll focus on
- Fee schedules
Other requirements include:
- An outline of the terms and conditions for customers
- Personal financial statements for direct owners, indirect owners, and officers
- Primary and non-primary contact employees
- Registered agent and the qualified individual
When you're ready to purchase your surety bond, we are ready to help you find the lowest possible price. Click here to have us find you the lowest price or call us at 1-800-608-9950.
Get Your Bond Pricing Today
You can get pricing for the Nevada earned wage access bond you need. Click the button below. You need to know the amount of your bond.
Need Help? Call Us Today
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
Can't find what you're looking for? Let us help!
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