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Wisconsin Credit Services Bond
Bond Requirements and Online Application
The state of Wisconsin requires Credit Services Organizations (Credit Repair Services) to register with the State of Wisconsin Department of Financial Institutions. To obtain this registration, one must provide a Wisconsin Credit Services Bond in the amount of $25,000. This bond is a type of surety bond. The state defines a credit services organizations as:
Any person or merchant who, with respect to the extension of credit by others, sells, provides or performs, or represents that the person will sell, provide or perform, any of the following services in return for the payment of money or for other valuable consideration:
Improving a buyer’s credit record, credit history or credit rating.
Arranging for or obtaining an extension of credit for a buyer.
Providing advice or assistance to a buyer with regard to 1. or 2.
The surety bond is for the benefit of any person who is damaged by a violation of WI 422.501. The bond will also be in favor of any person damaged by a violation of this subchapter.
A person may not act as a credit services organization unless the person has been issued a certificate of registration from the administrator and the person has complied with the surety bond requirements.
A person desiring to act as a credit services organization must apply to the administrator for a certificate of registration and pay the administrator a registration fee of $100.
A person desiring to act as a credit services organization must obtain a Wisconsin Credit Services Bond in an amount equal to $25,000. The original bond is filed with the administrator.
A person claiming against the bond for a violation of this subchapter may maintain an action at law against the credit services organization and against the surety.
A certificate of registration as a credit services organization expires on December 1 of the even-numbered year after issuance. A credit services organization may renew a certificate of registration by submitting to the administrator a renewal application and a $100 renewal fee on or before the expiration date of the existing certificate of registration.
How to Obtain a Wisconsin Credit Services Bond
At Surety1.com we make it easy to obtain this surety bond, with just 3 easy steps:
Once these steps have been completed, the Wisconsin Credit Services Bond will be shipped to you for the required signature prior to being submitted to the Wisconsin Department of Financial Institutions.
1. The name of the applicant on the surety bond application must match exactly the full legal business name of registration with the state.
1. Complete an online application. It's free and no-obligation.2. One of our surety experts will contact you with a firm quote and an agreement to sign.3. Provide payment and your signed agreement, and then you will receive your Wisconsin Credit Services Bond!If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply OnlineUsing our Free & Secure Application2. Get Your Free QuoteApplications are No-Obligation3. Get Your BondMost Bonds are Approved in 1-2 Business Days