The Arizona Credit Services Bond is required by the Arizona Corporation Commission, Corporation Division under the Arizona Credit Repair Organizations Act.
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The Arizona Credit Services Bond allows the Credit Service Organization to receive payment before full completion of services. The bond also ensures that the Organization will comply with all provisions of Arizona Revised Statutes Title 44, Chapter 11, Article 7. In event of violation of said Statute by the Organization, the bond provides compensation for any person who is damaged by the violation.
According to Arizona Revised Statutes Title 44, Chapter 11, Article 7, a Credit Services Organization is a person who sells, provides, or performs any of the following services in exchange for payment:
- Improving a buyer’s credit record, history, or rating
- Obtaining an extension of credit for a buyer
- Providing advice or assistance to a buyer with regard to either of the above items
The Arizona Credit Services Bond amount requirement is equal to 5% of the total amount of fees charged by the Credit Service Organization under contract with the buyers. According to Arizona Revised Statutes Title 44-1708, the bond should be no less than $5,000 and no more than $25,000.
The bond amount must be adjusted once a year.
For more information on becoming a Credit Services Organization in the State of Arizona, visit the website HERE.
How long will it take to get the Bond?
Surety1 offers an easy to use, online application. Once we receive your application, an agent will provide a quote, usually the same business day the bond is applied for. Then you make payment and return some paperwork and we ship the bond and Overnight shipping is an option for an additional fee. It’s that easy. Surety1 is licensed in all 50 States and has been providing surety bonds in Arizona since 2003. Surety1 maintains an A+ rating by the Better Business Bureau .
Visit our State Guide of Bond Requirements for Credit Services / Credit Repair Businesses