The South Carolina Credit Counseling Bond is required by the Department of Consumer Affairs, in the amount of $25,000. Or, an amount that equals or exceeds the total amount of client’s funds in the applicant’s trust account at time of application. Whichever amount is greater. The bond states that the bondholder shall comply with the Consumer Credit Counseling Licensing Act.
Who needs a South Carolina Credit Counseling Bond?
A Credit Counseling Organization provides credit counseling services to consumers for a fee. To provide these services you must be licensed with the state. The South Carolina Credit Counseling bond is one of the licensing requirements.
What are other licensing requirements?
Submit with the Credit Counseling Organization license Application. the following:
- Financial statements
- Description of the consumer education program
- Copy of the Standard Agreement/Contract
- Budget Analysis Form, if applicable
- Creditor Consent Form, if applicable
- Organization’s Fee Schedule
- Fee Schedule
- Consent to a criminal records check
- List of employees engaged in credit counseling services
- $100 Application Fee per location
- $50 One-time Investigation Fee
How do I obtain a South Carolina Credit Counseling Bond?
First, start the process by completing our easy to navigate, free online application form. Then, after your application has been submitted, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that, once you are ready to move forward, you just need to pay the premium and sign the agreement. Lastly, your bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
Surety1 is licensed in all 50 states and is rated A+ by the Better Business Bureau. Surety1 has been writing surety bonds in South Carolina since 2003.
Call us toll free at 877-654-2327. We have live surety bond agents available Monday – Friday, 8:00 – 4:30 PST. We’re glad to help.