The Utah Credit Services Organization Bond is required by the State of Utah Division of Consumer Protection of the Department of Commerce.
According to Utah Code Title 13 Chapter 21, a Credit Services Organization is a person who represents that the person or an employee is a debt professional or credit counselor, or a person who sells, provides, or performs any of the following services in exchange for payment:
- Improving a buyer’s credit record, history, or rating
- Providing advice, assistance, instruction, or instructional materials to a buyer
- Debt reduction or debt management plans
In order to conduct business in the State of Utah, each Credit Service Organization must file a surety bond with the Division of Consumer Protection of the State of Utah. The surety bond ensures that the Organization will fully comply with the provisions of all statutes of Utah Law. Furthermore, the bond provides compensation for any person damaged by violation of such Laws.
The Utah Credit Services Organization Bond may be renewed each year; however, the Surety may cancel the bond at any time with 90-days written notice to the Division of Consumer Protection.
APPLY for your Utah Credit Services Organization Surety Bond today!
In addition to the Surety Bond, all Credit Services Organizations must file an application for registration with the Division of Consumer Protection. The registration statement must include:
- The name, address, and telephone number of the organization
- The name of any person who owns or controls more than 5% of the organization
- The name of any individual who is responsible for the day-to-day operation of the organization
- A detailed explanation of any administrative, civil, or criminal action in which the organization is evolved or a notarized statement that there is no such action
- A detailed outline of the organization’s credit services program, including two copies of any contract, form, sales literature, or other relevant document that will be used by the organization
- A registration fee
CLICK HERE for more information from the Utah Department of Commerce, Division of Consumer Protection
Where can I get a Utah Credit Repair Bond?
It does not take long to process a Utah Credit Services Organization 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, an AssuredPartners agency is licensed in all 50 states and is rated A+ by the Better Business Bureau. Surety1 has been writing surety bonds in Utah since 2003.