The California Deferred Deposit Surety Bond is required by the State of California, Department Business Oversight for any entity wishing to obtain a California Deferred Deposit License.
The Department of Business Oversight requires a license for any of the following:
In order to obtain a Deferred Deposit License in California, you need to file the following with the CA Dept. of Business Oversight:
It is important to understand this bond is not insurance. Unlike insurance, the bond does not protect the licensee, but rather the customers of the licensee. If a customer believes the licensee was operating unethically or illegally, they can make a claim on the bond. If settled, the surety company that issued the bond will pay out the claim, but the licensee (also known as the “principal”) must pay back the surety company in full.
Officially, the bond is used for the recovery of expenses, fines, and fees levied by the Commissioner as the result of a licensee’s noncompliance with the requirements of the California Deferred Deposit Transactional Law.
To obtain a California Deferred Deposit Surety Bond, all you need to do is take a few minutes to fill out our free online application! Within one business day one of our licensed agents will contact you with a no-obligation quote for the price to obtain your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bonding experts at Surety Solutions Insurance Services, Inc. (Surety1) are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau!