Credit service businesses bond cost
Maryland credit service businesses bond amounts are set by the state at $12,000. The cost of the bond will vary based on the principal’s (credit service business owner’s) personal credit report. Customers with a credit score of 680 or higher can expect to qualify for the minimum available premium.
Why this bond
Maryland credit service businesses surety bonds are required by the Division of Financial Regulation of the Maryland Department of Labor, Licensing and Regulation Division. This bond is required to ensure that credit repairers comply with all aspects of the Maryland Credit Services Businesses Act. The bond would provide protection to the state and any person who had a cause of action under the act.
This obligation is listed on a surety bond form along with 5 other professions, so be sure you let us know you need this bond to help individuals repair their credit. This type of bond is continuous until canceled. The state requires surety companies to provide at least 60 days’ notice before canceling a bond.
Become a credit service business
When filing your license application, be sure to provide the following information:
- name, address, phone number and social security number of applicant and all officers
- whether business is a corporation, partnership, LLC or sole proprietorship
- whether you or any other officer of the business has ever been denied a license or had a licensed revoked and the reason
- any criminal charges held against you
- trade name (if different than the business name)
- types of credit service business activities in which you will be involved
- whether you’ve ever been refused coverage under a fidelity or surety bond and the reason
- whether you’ve ever filed for bankruptcy
- website address
- detailed description of corporate structure
- list of states in which you engage in credit service business
Each application will require a license fee of $1,700. Should any of this information be found incorrect, the state reserves the right to revoke or suspend your license. A decision on a completed application packet will be made within 60 days of submission.
Apply for your surety bond
Get a FREE Maryland credit service businesses bond Quote Today! Click here to begin
- 2010 Maryland Code Commercial Law Title 14 – Miscellaneous Consumer Protection Provisions Subtitle 19 – Maryland Credit Services Businesses Act
- Maryland Department of Labor, Licensing and Regulation Office of the Commissioner of Financial Regulation Credit Service Business License Application
- Maryland Department of Labor, Licensing and Regulation Office of the Commissioner of Financial Regulation Credit Service Business Information
- Maryland Consumer Lender Licensee Surety Bond Form