The California Prorater Surety Bond is required by the California Department of Business Oversight in the amount of $25,000. The bond states the bondholder shall faithfully conform to and abide by the provisions of the laws, rules and regulations made by the Commissioner. In addition, they shall honestly and faithfully apply all funds received. As well as, honestly and faithfully perform all obligations and undertakings.
Who is a Prorater?
A General Prorater, for compensation, engages in the business of receiving money from a debtor for the purpose of distributing the money among creditors. As it relates to the payment or partial payment of the debtor’s obligations. A Special Prorater pays customers’ bills as part of their management of customers’ affairs. They are generally business agents or managers.
Who needs a California Prorater Surety Bond?
Individuals or corporations, in California, who engage in the business of Prorater Law must be licensed. The Prorater Surety bond is one of the licensing requirements.
What are other Licensing requirements?
- Completed application form
- Payment of $250 for the application fee and investigation fee
- License bond is the amount of $25,000
- Fidelity bond in the amount of a minimum $10,000
- Tangible net worth of at least $10,000 including liquid assets of at least $5,000
Where can I get a California Prorater Surety Bond?
Surety1 can easily get you the bond that you need. You can be assured of the lowest rates as we have partnered with over a dozen A-rated surety markets. We have friendly agents who are willing to answer all your queries and give you only the best service.
First, start the process by completing our easy to navigate, free online application form. Then, after your application has been submitted, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that, once you are ready to move forward, you just need to pay the premium and sign the agreement. Lastly, your California Prorater Surety bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
Surety1 has been in the business since 2003. We are licensed in all 50 states and our services have earned an A+ rating from the Better Business Bureau.