The Virginia Credit Services Business Bond is required by the Commonwealth of Virginia Department of Agriculture and Consumer Services, Office of Charitable and Regulatory Programs.
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:
- Improving a consumer’s credit record, history, or rating
- Obtaining an extension of credit for a consumer
- Providing advice or assistance to a consumer with regard to either of the above
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 required amount for the Virginia Credit Services Business Bond is equal to 100 times the standard credit services business fee but shall be no less than $5,000 and no more than $50,000.
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.
APPLY for your Virginia Credit Services Business Bond today!
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:
- The name and address of the Credit Services Business
- The name and address of the registered agent authorized to accept service of process on behalf of the Credit Services Business
- The name and address of any person who owns or controls a 10% or greater interest in the Credit Services Business
- The name and address of the Surety Company that issued a bond
- Full disclosure of any litigation or unresolved complaint filed within the preceding 5 years with a governmental authority or a notarized statement that there has been no litigation
CLICK HERE for more information from the Virginia Department of Agriculture and Consumer Services.
Where can I get a Virginia Credit Services Business Bond?
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.
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 Virginia since 2003.