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Maryland Credit Services Bond

Bond Requirements and Online Application

Maryland Credit Services BondThe Maryland Credit Services Bond is required by the Commissioner of Financial Regulation, in the amount of  $12,000. The bond ensures the faithful compliance of the business with the Maryland Credit Services Business Act. Likewise, it protects buyers from damages incurred by violation of said Act.

According to the Maryland Credit Services Business Act, a credit service business is one that sells, provides, or performs any of the following services in return for payment:

  • Improving a consumer’s credit record, history, or rating. Establishing a new credit file or record.
  • Obtaining an extension of credit for a consumer in order to perform these services in the State of Maryland.

Credit Services Businesses must be licensed. One of the requirements is the Credit Service Bond.

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:

  • 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

Where can I get a Maryland Credit Services Bond?

At Surety1 we will get you bonded quickly. You can be assured of the lowest rates as we have partnered with over a dozen A-rated surety markets.

First, start the process by using 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 is licensed in all 50 states and is rated A+ by the Better Business Bureau. Surety1 has been writing surety bonds in Maryland since 2003.

Visit our State Guide of Bond Requirements for Credit Services / Credit Repair Businesses

How to Get Your Maryland Credit Services Bond

1. Complete an online application. It's free and no-obligation. 2. One of our surety experts will contact you with a firm quote and an agreement to sign. 3. Provide payment and your signed agreement, and then you will receive your Maryland Credit Services Bond!   If you have any questions, please call us at 877-654-2327.
1. Apply Online Using our Free & Secure Application 2. Get Your Free Quote Applications are No-Obligation 3. Get Your Bond Most Bonds are Approved in 1-2 Business Days