The Louisiana Credit Repair Service Bond is required by the Louisiana Attorney General in the amount of $100,000. The bond states that the bond holder will follow the Credit Repair Service Organization Act, LSA-R.S. 9:3573.4. A credit repair organization is define as:
A Credit Repair Services Organization is a person** who, with respect to a buyer, in return for the payment of money or other valuable consideration, directly or indirectly, provides or represents that he/she can or will, directly or indirectly, provide any of the following services:
- Improving a buyers credit record, history, or rating.
- Giving advice or assistance to a buyer with regard to improving a buyer’s credit record, credit history, or credit rating, including the sale of self-help instructional guide.
The $100k Louisiana Credit Repair Service Bond is a requirement when registering as a credit services organization in the State of Louisiana. The failure to obtain or file the bond as required by this Section will constitute a violation for purposes of civil or criminal remedies or penalties. A person who is entitled to recover damages, costs, or attorney fees from a credit repair services organization may petition the attorney general of Louisiana for relief under any surety bond established pursuant to R.S. 9:3573.4.
**”Person” means an individual, corporation, partnership, trust, association, joint venture pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed herein.
How do I get a Louisiana Credit Repair Service Bond?
Surety1 makes it easy! Simply complete our easy to navigate, online application and an agent will provide you with a firm quote, usually within 1 business day. Then we will send some paper work to have signed and collect payment. Then you will receive your bond. The underwriting for this od is credit based. If you have challenged credit, additional information may be required.
Surety1 has been bonding in Louisiana since 32003 and is rated A+ by the Better Business Bureau .
Visit our State Guide of Bond Requirements for Credit Services / Credit Repair Businesses