Colorado Debt Management Services Provider Bond

A Colorado Debt Management Services Provider Bond is a type of surety bond required by Colorado Attorney General’s office for any person or organization that offers debt management services to residents. The bond is sometimes referred to as a Credit Counseling bond. The amount of the bond is $50,000 and the cost of the surety bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms.

How to Get a Colorado Debt Management Services Provider Bond

Only one application is required for bonds in multiple states. At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:

1. Complete the easy to navigate and secure online application. ¹
2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the Colorado Debt Management Services Provider Bond will be shipped to the bond applicant.
^{1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.} 

Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.

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What is considered a Debt Management Company in Colorado?

Colorado defines Debt Management Services according to the Colorado Uniform Debt Management Services Act (DMSA). This act aims to regulate companies offering such services and provide consumer protection.

Here’s a breakdown of the definition:

• Debt Management Services Providers (Providers): Under Colorado law, this term encompasses both non-profit and for-profit organizations that offer debt management services. This includes credit counseling agencies and debt settlement companies.
• Services Covered: The definition focuses on entities acting as “intermediaries between an individual and one or more creditors of the individual for the purpose of obtaining concessions.” These concessions typically involve negotiating with creditors to:
  • Reduce interest rates
  • Lower fees
  • Re-age delinquent accounts (meaning resetting the late payment status)
  • Secure lower monthly payments

It’s important to note that the definition excludes:

• Attorneys providing legal services
• Accountants providing accounting services
• Representative services offered by approved government entities

All debt management services companies must be registered with the state Attorney General’s Office. For further information and resources, you can visit the Colorado Attorney General’s Office website: https://coag.gov/office-sections/consumer-protection/consumer-credit-unit/debt-management/registration/