The Maryland Credit Services Bond is a type of surety bond and is required to obtain a Maryland Credit Services Business License. While the license is required by the Commissioner of Financial Regulation, it is obtained and managed via the Nationwide Mortgage Licensing System (NMLS). The required surety bond is filed eclectronmcially with the NMLS. This license is required for the executive office of any person or entity acting as a credit services business. A credit service business is defined as:
“Credit services business” means any person who, with respect to the extension of credit by others, sells, provides, or performs, or represents that such person can or will sell, provide, or perform, any of the following services in return for the payment of money or other valuable consideration:
- Improving a consumer’s credit record, history, or rating or establishing a new credit file or record;
- Obtaining an extension of credit for a consumer; or
- Providing advice or assistance to a consumer with regard to either of the above.
“Credit services business” includes a person who sells or attempts to sell written materials containing information that the person represents will enable a consumer to establish a new credit file or record.
Activities Authorized Under This License
- Consumer loan brokering
- Credit Repair
- Debt negotiation
- Non-mortgage loan modifications1
What are other requirements needed to become a licensed?
New license requests must be submitted through the Nationwide Multistate Licensing System (NMLS). Required items include:
- Maryland Credit Services Bond in the amount of $50,000.
- MD License/Registration Fee: $850
- Submission of Company Form (MU1)
- Resident/Registered Agent
- Disclosure Questions
- Control Person (MU2) Attestation
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Company Staffing and Internal Policies
- Document Samples
- Formation Documents
- Management Chart
- Organizational Chart
- Trust Account Authorization
- Memorandum of Tax Certification
- Personal Financial Statement
A complete checklist of all the license requirements is available here.
How to Obtain a Maryland Credit Services Bond?
At Surety1.com we make it easy to obtain this surety bond. Our 3 step process is:
- Complete our easy to navigate and secure online application.1
- Review your free, no obligation quote from one of our surety bond professional agents, usually within 1 business day.
- Sign some paperwork and pay the bond premium
Once these steps have been complete, Surety1.com will file the Maryland Credit Services Bond directly with 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.
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 is rated A+ by the Better Business Bureau.