Required by the Ohio Attorney General, professional solicitors in Ohio must file a $25,000 surety bond before business is conducted.
Professional solicitors must have this bond in order to conduct business according to the provisions of Chapter 1716 of the Ohio Revised Code. The bond states that if the principle (the solicitor) uses funds solicited for any other purpose not having to do with the intended charity, the principle will be acting against the bond. Parties that are subject to harm from the solicitor would be compensated by the surety bond in such cases. Up to the full penal sum of $25,000 would be paid to the parties harmed. The principle would then be required to pay back the surety company Professionals are guaranteed to plan, conduct, and implement solicitations as well as campaigns in agreement with local, state, and federal laws.
As long as the principle follows the terms of the surety bond contract, then the bond remains in full force. At any time, the surety company has the power to cancel the bond at least 30 days prior to the effective cancellation/termination date. The Attorney General would need to be notified of the cancellation. Expiration date for these bonds are March 31st of each year, so they need to be renewed every year.
Requirements to become a professional solicitor in Ohio:
If applicable…
Each state requires its own bond type and bond amount for a professional solicitor. Every state has drafted their own particular bond form that must be used. At Surety1, we are licensed to assist customers throughout the United States.
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