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An Ohio Credit Services Organization Bond or Ohio CSO Bond is a type of surety bond required by the Ohio Attorney General’s Office for any business or individual operating as a credit services organization (CSO) within the state. It acts as a financial guarantee to protect consumers from fraudulent or unethical practices by CSOs. The CSO license application is processed by the Nationwide Mortgage Licensing System (NMLS). The required amount for the Ohio Credit Services Organization Bond is $50,000. The cost of the Ohio CSO bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms.
How to get a Ohio Credit Services Organization Bond
Apply for multiple states with 1 application . 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, the Ohio CSO 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.
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.
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Visit our state-by state guide to credit services bonds.
Apply for multiple states with 1 application
Who is Required to Have a Ohio CSO License?
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 Ohio CSO 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.
Ohio CSO License Requirements
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.
How to Get Your Ohio Credit Services Organization Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.