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Pennsylvania Credit Services Organization Bond

Category:
Department of State - Miscellaneous
State:
Pennsylvania
Control #:
PA-SKU-0186
Format:
PDF
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Description

Credit Services Organization Bond

Pennsylvania Credit Services Organization Bond is a type of surety bond required in Pennsylvania for credit services organizations. The bond is a form of financial guarantee from an approved surety company that the credit services organization will comply with all applicable laws and regulations as set out in the Credit Services Act. This includes the payment of debts and the delivery of services as promised. There are two types of Pennsylvania Credit Services Organization Bond: the Initial Bond and the Renewal/Continuing Bond. The Initial Bond is a one-time bond that must be purchased and filed with the Pennsylvania Department of Banking and Securities prior to commencing business as a credit services organization. The Renewal/Continuing Bond must be purchased and filed annually to remain in good standing with the Department.

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FAQ

On average, the cost for a surety bond falls somewhere between 1% and 15% of the bond amount. That means you may be charged between $100 and $1,500 to buy a $10,000 bond policy. Most premium amounts are based on your application and credit health, but there are some bond policies that are written freely.

Pennsylvania requires a notary to carry a $10,000 PA notary bond during each four-year commission.

Letters of credit are essentially a promise by a bank to pay a beneficiary (in this case the surety company) a specified amount upon demand (typically equal to the bond amount).

Notary surety bonds are contracts wherein the surety (an insurance company authorized to do business in Pennsylvania) has agreed to pay losses, up to $10,000, caused by the failure of the notary public to faithfully perform the duties and responsibilities of a notary public.

What Do Pennsylvania Surety Bonds Cost? Surety bonds generally cost 1-15% of the required bond amount.

Therefore, a bond worth $5,000 might cost between $250 and $750. Whilst the cost of bonds is often higher for applicants with bad credit, Lance Surety Bonds specializes in helping customers access the best-value bonds possible.

To apply for a contract bond, complete the online application, based on your contract bond type. Once you have completed it, we will contact you with more information about your bond quote. To learn more about the bonding requirements in Pennsylvania, call our experts at 866.450. 3412.

Surety bonds and letters of credit ensure that creditors can use an orderly and legally valid process to recover damages within a reasonable time. Before signing a contract, the parties must decide whether the contractor's obligations will be backed by surety bonds or letters of credit.

Pennsylvania Credit Services Organization Bond Related Searches

  • credit repair surety bond

More info

Become a Licensed Credit Service Organization today! Apply for your Credit Services Organization Bond online in minutes or call 800-308-4558 now!Credit service and debt management professionals must obtain surety bonds to ensure their organizations conduct business in an ethical and lawful manner. The premier online provider of surety bonds nationwide since 2003. Apply for a Credit Service Organization Bond today! Surety bonds written and provided nationwide! Your bond will be accepted, or we'll refund your payment in full. This bond is needed to make sure that you, as a credit repair organization, will complete the services that you are paid for. Such services can be:. In order to estimate your bonding cost, the first step is to get in touch with the state agency requiring your bond, to find out the required total value.

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