The Oklahoma Credit Services Organization Bond is required by the Administrator of the Department of Consumer Credit of the State of Oklahoma.
According to the Oklahoma Credit Services Organization Act, Title 24 Chapter 8, a Credit Services Organization is any person who sells, provides, or performs any of the following services more than twelve times a year in exchange for payment:
- Improving a buyer’s credit record, history, or rating
- Obtaining an extension of credit for a buyer
In order to conduct business in the State of Oklahoma, all Credit Services Organizations must be licensed pursuant to the Title 24, Chapter 8, Section 141 of the Oklahoma Statutes. Obtaining a surety bond is one of the licensing requirements. The Oklahoma Credit Services Organization Bond ensures that the Organization will faithfully comply with all provisions of the Oklahoma Credit Services Organization Act. Furthermore, the bond protects any person damaged by violation of said Act.
The required amount for the Oklahoma Credit Services Organization Bond is $10,000.
The Oklahoma Credit Services Organization Bond is continuous in nature; however, the bond may be cancelled at any time by the Surety with a 30-day written notice to the Administrator of the Oklahoma Department of Consumer Credit.
APPLY for your Oklahoma Credit Services Organization Bond today!
In addition to the Oklahoma Credit Services Organization Bond, requirements for a Credit Services Organization License include:
- License Application
- Personal Affidavit Form
- Designated Agent Form
- Out of State Examination Agreement (if applicable)
- Financial Statement
- Trust Account
- Business Forms
- Certificate of Fictitious Name
- Entity Establishing Documents
- Statutory Fee for Investigation and License
Licenses must be renewed annually.
CLICK HERE for more information from the Oklahoma Department of Consumer Credit
Where can I get a Oklahoma Credit Services Organization Bond?
It does not take long to process a Oklahoma 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.
Surety1 is licensed in all 50 states and is rated A+ by the Better Business Bureau. Surety1 has been writing surety bonds in Oklahoma since 2003.