Process serving agency bond cost
Surety Bonds offers process serving agency bonds in New York for different costs depending on each applicant’s individual credit history. Even though this bond is subject to underwriting, our surety specialists will work hard to get you the best price possible for your unique credit situation. The bond amount required to be posted by each applicant must be in the penal sum of $100,000.
Why this bond
Being bonded means protecting people from any unjust business practices or fraud conducted by registered agents in the state of New York. This specific bond type assures that if consumers are wronged, they have a safeguard from unprofessional acts of business and can be compensated for any potential losses they may face. Responsibilities of process serving agencies include, but are not limited to, the following:
- Complying with all local, state and federal laws applicable to process serving agencies
- Claiming responsibility for failure to act in accordance with process serving agency rules and regulations
- Providing a written statement that indicates rights to each process server employed by the principal’s agency
- Keep appropriate records and documents for a period of 3 years at the principal place of business
If the principal (process serving agency) violates the terms of his or her bond agreement and a consumer is harmed as a result, the surety will pay for all damages up to the full bond amount.
Process serving agency bond details
The applicant is required to remain in compliance with all terms stated on the bond form. As long as obligations are met according to code, the bond will remain in full force and effect.
If the principal or the surety chooses to cancel the bond before the date of expiration, a 60-day written notice prior to cancellation must be submitted and filed with the Department of Consumer Affairs.
Start a process serving agency
It is considered illegal for any individual to be employed by a process serving agency without first obtaining the proper license to do so. In order to become licensed, the applicant must submit the following documents or pieces of information at the time of application:
- Basic license application
- All applicable business certificates
- Process serving agency background information form
- Roster of process servers
- Copy of $100,000 surety bond
- Process serving agency compliance plan affirmation
- Child support certification form
- Electronic device certification
- Record keeping certification
- Fingerprints and processing fee
- License fee
Apply for your surety bond
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