877-654-2327 All New Surety Bonds

877-930-8127 - Renewals Department
Surety1 was Founded in 2003.  Low-Cost Bond Provider.  Over 150,000 Happy Customers and Counting!   Apply For Your Bond >

Pennsylvania Debt Management Services Bond

Bond Requirements and Online Application

The Pennsylvania Debt Management Services Bond is a type of surety bond, required by the Pennsylvania Department of Banking and Securities to obtain a debt management services license.Pennsylvania Debt Management Services Bond The state defines Debt Management Services as:

The service of receiving funds periodically from a consumer and then distributing those funds to creditors of the consumer in partial or full payment of the consumer’s personal debts.

No person may advertise, solicit, state or represent that it can offer, obtain or procure debt management services to or for a consumer or provide debt management services to a consumer unless the person is licensed by the department under this act. The surety bond required for this license and the application for license is processed through the Nationwide Mortgage Licensing System (NMLS).  There are two Debt Management Licenses, both require the bond. One is the license required of for profit debt management companies and the other is a “DL” license required of not for profit debt management companies.

This should not be confused with Credit Services or Debt Settlement Services, both of which require a different license.

There are certain entities that are exempt from obtaining the license, including:

  •  A banking institution or federally chartered or state-chartered credit unions, if the primary regulator of the banking institution of federally chartered or state-chartered credit union supervises the banking institution or federally chartered or state-chartered credit union;
  • Judicial officers or persons acting under court order;
  • Agencies or instrumentalities of federal, state, or local government;
  • Employees of licensees or exempt persons under this Act;
  • Attorneys who are admitted to the bar of the Commonwealth of Pennsylvania and provide legal services within an attorney-client relationship who engage in debt management services within the normal course of legal practice.

Documents to be uploaded to the NMLS.

To apply for the license, several documents must be uploaded to the NMLS. These include:

  • Pennsylvania Debt Management Services Bond in the amount of $25,000.
  • Formation Document
  • Other Trade Name: DBA’s should be listed under Other Trade Names on the NMLS Company Form
  • Designated Pennsylvania Agent/Registered Agent
  • Qualifying Individual: The individual (office manager) identified by the company on the NMLS Company Form as the “Qualified Individual.”
  • Credit Report: Individuals in a position of control are required to authorize a credit report through NMLS.
  • Disclosure Questions: Provide complete details of all events or proceedings for any “Yes” answer to any of the disclosure questions for
    the company or any control person (including the qualifying individual).
  • Financial Statements: Upload audited financial statement for the most recent fiscal year, including an audit opinion from an independent Certified Public Accountant.
  • Certificate of Authority: Upload a state-issued document (typically by the state’s Secretary of State office) demonstrating that the corporation or limited liability company (LLC) exists or is authorized to do business in Pennsylvania.
  • Debt Settlement Agreement: Upload a copy of the debt settlement agreement between the company and consumer.
  • Errors and Omissions: Upload proof of errors and omissions insurance protecting the applicant liability arising from a negligent act, error or omission in the performance of professional service.
  • Employee Dishonesty Insurance: Upload proof of Liability or Fidelity Insurance Policy that insures against dishonest, fraud, theft or other malfeasance on the part of the applicant’s employees, officer, directors or principals. The insurance policy needs to be an appropriate amount. An insurance policy of at least $250,000 is recommended by the state.

How to Obtain a Pennsylvania Debt Management Services Bond

At surety1.com we make it easy to obtain the required surety bond. Sour simple 3 step process is:

  1. Apply for your bond using our easy to use and secure, online application.1
  2. Review your free, no obligation quote from one of our surety bond professional agents (usually within 1 business day).
  3. Sign some paperwork and make payment (all major credit cards accepted).

Once these 3 steps have been completed, the bond will be shipped for the required original signature. The original bond must be uploaded to the NMLS.

1 The name on the bond application must match exactly the Full Legal Name of applicant for the debt management license. 

Surety1.com is a service of AssuredPartners, one of the nation’s largest and fastest growing insurance agencies. Surety1.com is the premier online provider of surety bonds nationwide since 2003.

Pennsylvania Debt Management Services Bond

How to Get Your Pennsylvania Debt Management Services 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 Pennsylvania Debt Management Services 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

Surety

Secure

Online