According to the Virginia Credit Services Businesses Act, a Credit Services Business is any person who sells, provides, or performs any of the following services in exchange for payment:
In order to conduct business in the Commonwealth of Virginia, each Credit Services Business must file a Surety Bond with the Virginia Department of Agriculture and Consumer Services. The Virginia Credit Services Business Bond ensures that the Business will comply with all provisions of the Credit Service Businesses Act. Furthermore, the bond provides compensation to any person damaged by violation by said Act.
The bond is continuous in nature; however it may be cancelled by the Surety at any time with 60-days written notice to the Commissioner of the Virginia Department of Agriculture and Consumer Services.
In addition to filing a Surety Bond, each Credit Services Business must register with the Commissioner of Agriculture and Consumer Services. The registration must include:
CLICK HERE for more information from the Virginia Department of Agriculture and Consumer Services.
It does not take long to process a Virginia Credit Services Business 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.
Surety Solutions Insurance Services, Inc. (Surety1) is licensed in all 50 states and is rated A+ by the Better Business Bureau. Surety1 has been writing surety bonds in Virginia since 2003.