The Iowa Credit Services Organization Bond is required by the State of Iowa Secretary of State.
According to Iowa Code section 538A.2, a Credit Services Organization is a person who, with respect to the extension of credit by others and in return for the payment of money or other valuable consideration, provides any of the following services:
- Improving a buyer’s credit record, history, or rating
- Obtaining an extension of credit for a buyer
The Iowa Credit Services Organization Bond is for the benefit of any person who is damaged by the organization in violation if Iowa Code Chapter 538A.4. The bond allows a credit services organization to collect money from the buyer prior to full completion of services.
The required amount for the Iowa Credit Services Organization Bond is $10,000.
The Iowa Credit Services Organization Bond is continuous in nature. The surety may cancel the bond at any time with thirty days written notice to the credit services organization and to the Iowa Secretary of State. The bond must be maintained until two years after the date that the credit services organization ceases business operations.
APPLY for your Iowa Credit Services Organization Bond today!
According to Iowa Code section 538A.5, all credit services organizations must file a registration statement with the Iowa Secretary of State in order to conduct business in the State of Iowa. The registration statement must contain:
- The name and address of the credit services organization
- The name and address of any person who owns or controls more than 10% of the outstanding shares of stock in the organization.
Furthermore, the registration statement must contain either:
- A full and complete disclosure of any litigation filed with a governmental authority or;
- A notarized statement that there has been no litigation or unresolved complaint filed with a governmental authority
Where can I get an Iowa Credit Services Organization Bond?
It does not take long to process an Iowa Credit Services Organization Bond. We offer an easy to use online application that can be completed in a matter of minutes. After applying, within one business day you will be contacted by one of our licensed agents with a firm quote. You just need to complete some paperwork, make payment and your surety bond will be mailed to you via USPS priority mail. Overnight delivery is also available.
Surety1 is licensed in all 50 states and is rated A+ by the Better Business Bureau. Surety1 has been writing surety bonds in Iowa since 2003.