The Kansas Credit Services Organization Bond is required by the State of Kansas, Office of the State Bank Commissioner.
According to the Kansas Credit Services Organization Act, K.S.A 50-1116, a Credit Services Organization engages in the business of debt management and credit counseling services. These services are performed for a fee, compensation, or gain.
The bond protects consumers from damages resulting from the organization’s failure to comply with the requirements of the Act. The required bond amount is $25,000.
Debt Management and Credit Counseling Services include?
- Receiving funds from a consumer for the purpose of distributing the funds among creditors. In either full or partial payment of a consumer’s debt.
- Improving a consumer’s credit record, history rating, or score.
- Negotiating to defer or reduce a consumer’s obligations with respect to credit extended by others.
What are other Licensing Requirements?
In addition to the surety bond, all credit services organizations are required to be licensed by the Commissioner.
Where can I get a Kansas Credit Services Organization 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 bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
Surety1, an AssuredPartners agency, is licensed in all 50 states and rated A+ by the Better Business Bureau.
Visit our State Guide of Bond Requirements for Credit Services / Credit Repair Businesses