Credit services business bond cost
The Virginia Department of Agriculture and Consumer Services’ Office of Consumer Affairs requires credit services businesses to post surety bonds in varying amounts prior to conducting business. Applicants should verify their required bond amount with the state prior to bonding.
Because the required amount and, therefore, the price of these bonds can vary so much, our experts recommend submitting a bond request now. You’ll be connected with a member of our team who will walk you through our fast and easy bonding process and provide you with your free, no-obligation bond quote!
Why this bond
By posting a Virginia credit services business surety bond, principals (credit services businesses) pledge to conduct business in compliance with all requirements of the Credit Service Business Act. Prohibited business practices under this act include:
- charging or receiving any more or other valuable consideration prior to full and complete performance of the services that the applicant has agreed to perform for or on behalf of the consumer
- charging fees solely for referral of the consumer to a retail seller
- advising consumers to make any statement that is untrue or misleading regarding the consumer’s creditworthiness, credit standing or credit capacity
- making any untrue or misleading representations in the offer or sale of a credit service, directly or indirectly
If the principal fails to conduct business ethically and lawfully, the bond protects any person who is harmed from financial loss up to the full amount of the bond. The principal must reimburse the surety for any damages paid out.
Credit services business bonds in Virginia become effective on the date indicated on the bond form and remain continuous until canceled. The surety can cancel the bond at any time by giving written notice via registered mail to the Commissioner of the Virginia Department of Agriculture and Consumer Services. Cancellation becomes effective 60 days after the commissioner receives the notice.The surety bond form must be acknowledged by a notary public.
Start a credit services business
Credit services businesses in Virginia must register with the Office of Charitable and Regulatory Programs (OCRP) and comply with the provisions of the Virginia Credit Services Businesses Act.To register, applicants must:
- submit a completed Remittance Form
- pay the $100 annual registration fee
- post a surety bond in the proper amount
- and more
Apply for your surety bond
Get a FREE Virginia Credit Services Business Bond Quote Today! Click here to begin