Surety1 was Founded in 2003. Low-Cost Bond Provider. Over 150,000 Happy Customers and Counting!
Apply For Your Bond >
Pennsylvania Debt Settlement Bond
Bond Requirements and Online Application
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.
There are certain entities that are exempt from the Debt Settlement Services Act, including:
A bank, bank holding company or the subsidiary, agent or affiliate of either, or a credit union or other financial institution licensed charted under Federal or State law.
A judicial officer, a person acting under an order of a court or an administrative agency or an assignee for the benefit of creditors.
A title insurer, escrow company or other person that provides bill-paying services if the provision of debt settlement services is incidental to the bill-paying services.
A licensee under the Act of October 9, 2008 (P.L.1421, No.117), known as the Debt Management Services Act, when the provision of Debt Settlement Services is incidental
to the provision of Debt Management Services
An attorney not otherwise engaged in or holding himself or herself out to the public as being engaged in Debt Settlement Services who acts as an intermediary between an individual and one or more of the individual’s creditors in the normal course of legal practice. This paragraph shall not apply if the attorney is compensated by a provider.
How to obtain a Pennsylvania Debt Settlement Bond
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.
How to Get Your Pennsylvania Debt Settlement 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 Settlement Bond!If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply OnlineUsing our Free & Secure Application2. Get Your Free QuoteApplications are No-Obligation3. Get Your BondMost Bonds are Approved in 1-2 Business Days