What is an Arizona Debt Management Bond?
The Arizona Debt Management Bond is the mandatory assurance demanded by the Arizona Department of Financial Institutions to companies intending to offer debt management services to the residents of the state of Arizona.
Through this bond, you guarantee clients that you 1) will not endeavor to alter any pre-programmed payment unless the borrower gives his/her permission; 2) will not coerce a debtor to sign any unfinished or incomplete contract; 3) will not charge anyone any fee for another person’s referral, and 4) will not publicize offerings of any service that is non-existent.
Why do you need a Debt Management Bond?
Because it is good for your business’ image and survival. The bond provides your clients and partners that sense of security that you will or is operating in consonance with all laws relevant to the delivery of debt management services. It will likewise make you a business owner of respectability and adeptness. You are demonstrating to your customers that you are competent in providing to them services that are decent and carried out in a proficient manner.
This is extremely crucial to the enhancement of your reputation as a debt management company which can lead to the absolute improvement of your image within the industry. Because of the bond’s existence, clients will feel positive about you and will not have qualms with availing of your services.
More details about Debt Management Bond
Before getting bonded, the Arizona Department of Financial Institutions will oblige you to comply with the following requirements for you to be licensed – 1) personal profile/biography; 2) financial statements; 3) notarized debt management supplement application; 4) branch office request; 5) pay all mandatory charges.
What is the cost of a Debt Management Bond?
The rate for an Arizona debt management bond is highly reliant on your financial credit report and your reputation as a business owner within the territorial jurisdiction of Arizona. Well-qualified applicants with robust financial documentation can pay as low as 1% of the total bond amount.
How do I get a Debt Management Bond?
Getting a bond is simple. However, be sure to contact only certified professionals in the field of surety. Give Surety Bond Authority specialists a call now! With Surety Bond Authority taking care of your business affairs, you will have the answers you need and the solution to whatever concerns you have in protecting your business.