A Maryland Debt Settlement Services Provider Bond is a type of surety bond and is just one of the requirements to obtain a license for Debt Settlement Services Provider Registration. A Debt Settlement Services provider offers services or programs that are represented directly, or by implication, to renegotiate, settle, reduce or alter in any way the terms of payment or other terms of a debt owed between a consumer and one or more unsecured creditors or debt collectors, including a reduction in the balance, interest rate, or fees owed by a consumer to an unsecured creditor or debt collector. This registration is required for any person providing debt settlement services to a consumer residing in Maryland. This license authorizes the following activities:
- Debt settlement/debt adjuster
- Debt negotiation, if negotiating a lump-sum settlement of unsecured debt
While the license and surety bond are a requirement of the Maryland Commissioner of Financial Regulation, the license administration and application is managed by the Nationwide Mortgage Licensing System (NMLS) , and the required surety bond is filed electronically with the NMLS. The amount of the required Maryland Debt Settlement Services Provider Bond is $50,000. In Maryland, a separate license is required to perform Credit Services and Debt Management. Click the links for more information on those licenses.
The surety bond is just one of several requirements to obtain the license. Click here for a list of the license requirements.
How to Obtain a Maryland Debt Settlement Services Provider Bond
Surety 1.com provides a simple, 3 step process to obtain this surety bond:
- 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 Debt Settlement Services Provider 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.