The Tennessee Credit Services Business Surety Bond is required by the State of Tennessee, Director of the Division of Consumer Affairs.
According to the Tennessee Credit Services Business Act, Tennessee Code Annotated Section 47-18-10, a credit services business is any person who sells, provides, or performs any of the following services in exchange for payment:
- Improving a consumer’s credit record, history, or rating
- Obtaining an extension of credit for a consumer
- Providing advice or assistance to a buyer in regard to the above
In order to conduct business in the State of Tennessee, all Credit Services Businesses must register with the State of Tennessee Division of Regulatory Boards. In addition, all Credit Service Businesses must obtain a surety bond. The Tennessee Credit Services Business Surety Bond ensures the business’s compliance with the Tennessee Credit Services Business Act. Furthermore, the bond provides compensation to any person damaged by violation of said Act. The Tennessee Credit Services Business Surety Bond must be maintained for 2 years following the date of cessation of business.
The required amount for the Tennessee Credit Services Business Surety Bond is $100,000.
The Tennessee Credit Services Business Surety Bond is continuous in nature; however, the bond may be cancelled by the Surety at any time with 30-days written notice to the Director of the Tennessee Division of Consumer Affairs.
Where can I get a Tennessee Credit Services Business Surety Bond?
It does not take long to process a Tennessee Credit Services Business Surety 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 Tennessee since 2003.