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Ohio Credit Services Organization Bond

Bond Requirements and Online Application

The Ohio Credit Services Organization Bond is required by the State of Ohio Division of Financial Institutions.Ohio Credit Services Organization Bond

According to the Ohio Credit Services Act, a Credit Services Organization is any person that sells provides, or performs the following surfaces in exchange for payment:

  • Improving a buyer’s credit record, history, or rating
  • Obtaining an extension of credit by others for a buyer
  • Providing advice or assistance to a buyer about improving or obtaining credit
  • Removing negative but accurate information from the buyer’s credit record
  • Altering the buyer’s identification to prevent the display of the buyer’s credit record, history, or rating

Before conducting business in the State of Ohio, all Credit Services Organizations must file a surety bond with the Division of Financial Institutions. The Ohio Credit Services Organization Bond ensures that the Organization will fully comply with the Ohio Credit Services Act, Sections 4712.01 to 4712.14 of the Revised Code of Ohio. Furthermore, the bond protects those damaged by violations of said Act.

The required amount for the Ohio Credit Services Organization Bond is $50,000.

The Ohio Credit Services Organization Bond is continuous in nature; however the Surety may cancel the bond at any time with 30 days written notice to the Division of Financial Institutions. The bond must be in full force and effect at least 2 years after the Organization ceases business.

APPLY for your Ohio Credit Service Organization Bond today!

Registration Requirements

In addition to the Ohio Credit Services Organization Bond, any Credit Services Organization must receive a certificate of registration from the Division of Financial Institutions. Pursuant to Section 4712.02 of the Revised Code of Ohio, the registration application must contain the following information:

  • $100 fee
  • The name and address of the credit service organization
  • The name and address of any person that controls 10% or more of the stock in the organization
  • Either of the following:
    • A full and complete disclosure of any litigation commenced against the organization or unresolved complaint that relates to the operation of the organization and is filed with a governmental authority of the United States
    • A notarized statement that no litigation has been commenced and no unresolved complaint is filed with a governmental authority of the United States
  • A copy of the contract that the organization uses with the buyers
  • Evidence of the possession of the required $50,000 Surety Bond

CLICK HERE for more information from the Ohio Attorney General.

Where can I get a Ohio Credit Services Organization Bond?

It does not take long to process a Ohio Credit Services Organization Bond.  We offer an easy to use online application that can be completed in a matter of minutes. After applying, within one business day you will be contacted by one of our licensed agents with a firm quote. You just need to complete some paperwork, make payment and your surety bond will be mailed to you via USPS priority mail. Overnight delivery is also available.

Surety Solutions Insurance Services, Inc. (Surety1) is licensed in all 50 states and is rated A+ by the Better Business Bureau. Surety1 has been writing surety bonds in Ohio since 2003.

How to Get Your Ohio Credit Services Organization 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 Ohio Credit Services Organization Bond!   If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
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

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