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State-by-State Guide to Credit Services Bonds. A Credit Service Organization, also referred to as a Credit Repair Business, is an organization that charges a fee to help a buyer achieve an extension of credit in order to keep or
improve their credit rating. In many states a Credit Services – Credit Repair Surety Bond is required to obtain a license as a Credit Services Organization. A Credit Services – Credit Repair Surety Bond is an agreement between the state government (Obligee), the Credit Services/Credit Repair Organization (Principal), and the Surety Company. The bond ensures that the Principal will act according to the laws governing the actions of Credit Services/Credit Repairer Organizations and conduct business within industry regulations. While not all states require a bond to be licensed, the Credit Services/Credit Repair Surety Bond provides protection to both the business and consumer in an event of wrongdoing. If the Credit Services Organization acts fraudulently or fails to abide by the bond requirements, then the surety company will cover the claim filed against the bond. In effect, the Credit Services/Credit Repair Surety Bond protects buyers from financial loss. The bond also promotes ethical business practices in regards to handling funds.
What is a Surety Bond?
Learn more about each state’s Credit Services Bonding Requirements:
If you do not see your state listed in our State-by-State Guide to Credit Services Bonds, there is not a bonding requirement for credit services in that state.
Arizona Credit Services Bond
The Arizona Credit Services – Credit Repair Surety Bond is required by the Arizona Corporation Commission
. The required bond amount is equal to 5% of the total amount of credit services fees charged by the Organization. However, the bond should be no less than $5,000 or more than $25,000. The bond amount must be adjusted once a year. Apply for your Arizona Credit Services Bond.
Arkansas Credit Repair Services Organization Bond
The Arkansas Credit Repair Services Organization Bond is required by the State of Arkansas. The required bond amount is $10,000 and allows the Organization to receive payment prior to full completion of services. Apply for your Arkansas Credit Repair Services Organization Bond.
California Credit Services Organization Bond
The California Credit Services Organization Bond is required by the California Secretary of State under the California Credit Services Act of 1984. The required bond amount is $100,000. Apply for your California Credit Services Organization Bond.
Delaware Credit Services Organization Bond
The Delaware Credit Services Organization Bond is required by the Delaware Secretary of State. The Surety Bond must be filed in addition to the registration application in order to conduct business in Delaware. The required bond amount is $15,000. Apply for your Delaware Credit Services Organization Bond.
Florida Credit Services Organization Surety Bond
The Florida Credit Services Organization Surety Bond is required by the State of Florida, Department of Banking and Finance. The bond is required in the amount of $10,000 and allows the Organization to receive payment before full completion of services. Apply for your Florida Credit Services Organization Surety Bond.
Illinois Credit Services Organization Bond
The Illinois Credit Services Organization Bond is required by the Illinois Secretary of State Index Department in the amount of $100,000. The bond must be maintained for 2 years after the date that the Organization ceases business operations. Apply for your Illinois Credit Services Organization Bond.
Indiana Credit Services Organization Surety Bond
The Indiana Credit Services Organization Surety Bond is required by the Office of the Indiana Attorney General. The required bond amount is $25,000. The bond remains in full force and effect indefinitely. Apply for your Indiana Credit Services Organization Surety Bond.
Iowa Credit Services Organization Bond
The Iowa Credit Services Organization Bond is required by the State of Iowa Secretary of State in the amount of $10,000. The bond must be maintained for two years after the date that the Organization ceases business operations. Apply for your Iowa Credit Services Organization Bond.
Kansas Credit Services Organization Bond
The Kansas Credit Services Organization Bond is required by the State of Kansas Office of the State Bank Commissioner. The required bond amount is $25,000; however, the Commissioner may increase the bond amount up to $1,000,000. Apply for your Kansas Credit Services Organization Bond.
Louisiana Credit Repair Services Surety Bond
The Louisiana Credit Repair Services Surety Bond is required by the Louisiana Attorney General’s Office as part of the license application process. The required bond amount is $100,000. Apply for your Louisiana Credit Repair Services Surety Bond.
Maine Loan Broker Bond
In Maine, Credit Services Organizations fall under the title of Loan Broker. The Maine Loan Broker Bond is required by the Bureau of Consumer Credit Protection of the State of Maine. The required bond amount is $25,000. Apply for your Maine Loan Broker Bond.
Maryland Credit Services Business Licensee Surety Bond
The Maryland Credit Services Business Licensee Surety Bond is required by the Commissioner of Financial Regulation of the State of Maryland. In order to become licensed as a Credit Services Business, all applicants must file a $12,000 bond with their application. Apply for your Maryland Credit Services Business Licensee Surety Bond.
Massachusetts Credit Services Organization Bond
The Massachusetts Credit Services Organization Bond is required by the Commonwealth of Massachusetts. The bond allows Organizations to receive payments before the service is completed and is required in the amount of $10,000. Apply for your Massachusetts Credit Services Organization Bond.
Minnesota Credit Services Organization Bond
The Minnesota Credit Services Organization Bond is required by the Department of Commerce of the State of Minnesota. The bond is a requirement of the licensing process in the amount of $10,000. Apply for your Minnesota Credit Services Organization Bond.
Missouri Credit Services Organization Bond
The Missouri Credit Services Organization Bond is required by the Missouri Director of Finance. The required bond amount is $10,000 and the bond must be maintained until 2 years after the date that the Credit Services Organization ceases business operations. Apply for your Missouri Credit Services Organization Bond.
Nebraska Credit Services Organization Bond
The Nebraska Credit Services Organization Bond is required by the Nebraska Secretary of State. The bond must be maintained 2 years after the date that the Organization ceases business operations. The required bond amount is $100,000. Apply for your Nebraska Credit Services Organization Bond.
Nevada Credit Services Organization Surety Bond
The Nevada Credit Service Organization Surety Bond is required by the Nevada Department of Business and Industry, Division of Mortgage Lending. The bond ensures honest business practice by the Organization and is required in the amount of $100,000. Apply for your Nevada Credit Services Organization Surety Bond.
New Hampshire Credit Services Organization Bond
The New Hampshire Credit Services – Credit Repair Surety Bond is required by the New Hampshire Secretary of State and is necessary in order to conduct business as a Credit Services Organization in the State of New Hampshire. The required bond amount is equal to 5% of the total credit services fees; however, the bond cannot be less than $5,000 nor more than $25,000. Apply for your New Hampshire Credit Services Organization Bond.
North Carolina Credit Repair Services Bond
The North Carolina Credit Repair Services Bond is required by the State of North Carolina in compliance with the North Carolina Credit Repair Services Act. The bond is continuous in nature and is required in the amount of $10,000. Apply for your North Carolina Credit Repair Services Bond.
Ohio Credit Services Organization Bond
The Ohio Credit Services – Credit Repair Surety Bond is required by the State of Ohio, Division or Financial Institutions. The bond is continuous in nature and is required in the amount of $50,000. Apply for you Ohio Credit Services Organization Bond.
Oklahoma Credit Services Organization Bond
The Oklahoma Credit Services Organization Bond is required by the Administrator of the Department of Consumer Credit of the State of Oklahoma. The bond is a requirement of the license application process and must be in the amount of $10,000. Apply for your Oklahoma Credit Services Organization Bond.
Pennsylvania Credit Services Organization Bond
The Pennsylvania Credit Services – Credit Repair Surety Bond is required by the Commonwealth of Pennsylvania in order for the Organization to receive payment before the full completion of services. The required bond amount is equal to 5% of the total amount of credit services fees charged during the previous 12 months. However, the bond cannot be less than $5,000 and no more than $25,000. Apply for your Pennsylvania Credit Services Organization Bond.
Related bond, Pennsylvania Debt Management Bond.
Rhode Island Debt Management Registration Bond
Bond amount is $50,000. Application for registration is processed via the Nationwide Mortgage Licensing System (NMLS).
Tennessee Credit Services Business Surety Bond
The Tennessee Credit Services Surety Bond is required by the State of Tennessee, Director of the Division of Consumer Affairs. The bond is required in the amount of $100,000 and must be maintained for 2 years following the date that the Organization ceases business operations. Apply for your Tennessee Credit Services Business Surety Bond.
Texas Credit Services Organization Surety Bond
The Texas Credit Services Organization Surety Bond is required by the Texas Secretary of State. The bond is required in the amount of $10,000 and is continuous in nature. Apply for your Texas Credit Services Organization Surety Bond.
Utah Credit Services Organization Surety Bond
The Utah Credit Services Organization Surety Bond is required by the State of Utah Division of Consumer Protection of the Department of Commerce. The bond is renewed annually. Apply for your Utah Credit Service Organization Surety Bond.
Virginia Credit Services Business Bond
The Virginia Credit Services Business Bond is required by the Commonwealth of Virginia, Department of Agriculture and Consumer Services, Office of Charitable and Regulatory Programs. The required bond amount if equal to 100 times the standard credit services fee but should not be less than $5,000 nor greater than $50,000. Apply for your Virginia Credit Services Business Bond.
Washington Credit Services Organization Surety Bond
The Washington Credit Services – Credit Repair Surety Bond is required by the State of Washington. The required bond amount is $10,000, which protects any person damaged by violation of the Washington Credit Services Act. Apply for your Washington Credit Services Organization Surety Bond.
West Virginia Credit Services Organization Surety Bond
The West Virginia Credit Services Organization Surety Bond is required by the West Virginia Secretary of State. The required bond amount is $15,000 and the bond is continuous in nature. Apply for your West Virginia Credit Services Organization Surety Bond.
Wisconsin Credit Services Organizations (Credit Repair Services)
The Wisconsin Credit Services Organizations (Credit Repair Services) bond is required by the State of Wisconsin Department of Financial Institutions. The required bond amount is $25,000. Click here to apply.
How to Obtain your Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.2
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Credit Services Bonds will be processed and shipped or filed electronically if application is processed through the NMLS.
1-The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2-Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required.
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 and maintains an A+ rating by the Better Business Bureau for our fast, reliable service.
