The Texas Department of Banking requires the Private Child Support Enforcement Agencies Bond.
The Texas Private Child Support Enforcement Agencies Bond must be on file with the Banking Commissioner in order for the private child support enforcement agency to do business. This bond is also an essential part of the licensing process. A private child support enforcement agency cannot do business in the State of Texas without this bond on file.
The Texas Private Child Support Enforcement Agencies Bond states that the bond holder will fully comply with all obligations arising under the Texas Finance Code. It also states that the enforcement agency will adhere to any additional regulations, rules, and orders. This bond must be written for, and in favor of, the state. It must also be payable to the public.
Surety bonds serve as a form of consumer protection. They are not insurance or a license. This bond shows the state that you are a responsible business owner. The bond means a third party has backed you, and if you fail to run your business responsibly, there are consequences in the form of claims being made on the bond. Therefore, this bond protects the state and the public from harm on behalf of your company.