The Ohio Credit Services Organization Bond is required by the State of Ohio Division of Financial Institutions. It is a type of surety 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 license application is administered through the Nationwide Mortgage Licensing System (NMLS).
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.
In addition to the 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
- $50,000 Ohio Credit Services Organization Bond, filed with the NMLS.
CLICK HERE for more information from the Ohio Attorney General.
Where can I get a Ohio Credit Services Organization Bond?
At Surety1.com we make it easy to apply for this surety bond. Our simple 3 step process is as follows:
- Complete our easy to navigate and secure online application.1
- Review your free, no obligation quote from one of our surety bond professional agents.
- Sign some paperwork and make payment (all major credit cards accepted).
After these tree steps are completed, your surety bond will be filed electronically 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.
Should you have any questions, feel free to contact Surety1.com, email [email protected] or by phone (877)654-2327.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Surety1.com is the premier online provider of surety bonds nationwide since 2003 and is rated A+ by the Better Business Bureau. Surety1 has been writing surety bonds in Ohio since 2003.