The Pennsylvania Debt Settlement Bond is a type of surety bond required by the Pennsylvania Department of Banking and Securities to obtain a Debt Settlement license. The license application is processed through the Nationwide Mortgage Licensing System (NMLS). Debt settlement is defined by Pennsylvania as:
An intermediary between an individual and one or more unsecured creditors of the individual for the purpose of obtaining concessions where the contemplated concessions involve a reduction in principal of the individual’s unsecured debt owed for personal, family or household expenses to at least one creditor.
A debt settlement services license is required by any person, as defined by the Debt Settlement Services Act, who markets, solicits, offers to provide or agrees to provide debt settlement services for a fee or other consideration. The surety bond is required as part of the license process. There are 2 Debt Settlement Licenses, the Debt Settlement (DN) License required of not for profit entities. Both licenses require a Pennsylvania Debt Settlement Bond in the amount of $25,000. The license application checklist can be found here.
Do not confuse this license with the Debt Management Services License or Credit Services , both of which require a separate license.
There are certain entities that are exempt from the Debt Settlement Services Act, including:
At surety1.com we make it easy to obtain this surety bond. Our simple 3 step process is:
Once these 3 steps are completed, the bond will be shipped for the required original signature. Once signed, the surety bond must be uploaded to the NMLS.
1. The name surety bond application must match exactly the Full Legal Name of license applicant.
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.