The New Jersey Debt Adjustment Bond is required by the Commissioner of Banking & Insurance in the amount of $50,000. The bond states that the bondholder shall faithfully comply with and abide by the provisions of New Jersey Statutes Annotated 17:16G-1 et seq. and all rules and regulations promulgated pursuant thereto and will commit no wrongful act, default, omission, fraud or misrepresentation and perform all obligations and undertakings honestly, fairly, equitably, and efficiently when engaging in the Debt Adjustment business in this State by virtue of the provisions of N.J.S.A. 17:16G-1 et. seq.
Who is required to have a New Jersey Debt Adjustment License
If you are engaged in any of the following, you are required to have a Debt Adjustment License:
- Acting or offering to act for consideration as an intermediary between a debtor and his creditors for the purposes of settling, compounding or otherwise altering the terms of payment of debts of the debtor;
- Receiving money or other property from the debtor, on behalf of the debtor, for payment to, or distribution among, the creditors of the debtor;
What are the requirements in order to have a New Jersey Debt Adjustment License?
- Completed an application form
- Copy of Incorporation/Formation
- Copy of the registration of an alternate/fictitious name
- Personal certifications from all officers, directors, substantial stockholders, members, partners, owners.
- A financial statement demonstrating the net worth
- A schedule of the types and amounts of insurable risks
- Schedule of the names and addresses of the contributors if the primary source or operating funds are from outside sources
- List of salaries or compensation of any kind paid by the licensee to directors, trustees, etc
- A letter on financial institution letterhead confirming the establishment of a separate trust account for the benefit of debtors
- A surety bond in the amount of $50,000 for the principal office and $25,000 for each additional office
Where can I get a New Jersey Debt Adjustment Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.