California Adoption Facilitator Bond
Looking for details about this surety bond including how to easily get one? Read on!
What is a California Adoption Facilitator Bond?
It’s a valuable financial security that every person who’s applying for a business license in their specific jurisdiction within California must obtain.
The said person should furnish this surety bond before he or she can engage in the following activities:
- Locate children for an adoption.
- Solicit parties to an adoption.
- Act as an intermediary between the parties to an adoption.
The purpose of this bond is to ensure that the adoption facilitator will abide by the relevant laws of the industry such as but not limited to Section 8623-8638 of the California Family Code. This includes avoiding violations that are stated in the said provision. Below are the violations:
- Mislead anyone through advertisement or verbal communication that he or she is a licensed adoption agency.
- Represent anyone without a business license.
This requirement in pursuance of Section 8636 of the California Family Code.
How does a California Adoption Facilitator Bond work?
A bond is an agreement among three parties, namely:
Principal – adoption facilitator
Obligee – State of California
Surety – financial guarantor of the Principal
The Obligee is the party who’s requiring the Principal to obtain this bond. The Obligee is also the party who will receive the compensation if the Principal commits a violation. The Principal’s role – as part of the bond condition – is to fulfill all duties in a lawful manner.
The Surety will guarantee to the Obligee that the Principal will do exactly that. This promise by the Surety is backed by a monetary security that’s attached to this bond. The money will be used as payment for the following:
- Any person who will suffer damages due to fraud, misstatement, or misrepresentation committed by the adoption facilitator.
- Unlawful act or omission.
- The adoption facilitator fails to provide the necessary services.
The Principal is responsible for resolving any dispute or claim. If the Principal fails to do so, the Surety will do it for the Principal. However, the Principal must repay the Surety as part of the indemnity agreement.
How much does a California Adoption Facilitator Bond cost?
The bond premium will range from 1.5% to 13% of the bond amount, depending on the adoption facilitator’s credit score.
The bond amount is $10,000.
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a California Adoption Facilitator Bond?
STEP 1: Apply for the bond
You need to submit a bond application to us. If you’re ready to apply now, you may do so HERE!
STEP 2: Underwriting
We’ll ask you a couple of information needed for the bond. This will include your financial history, business performance history, and your credit score. An underwriter will carefully evaluate all those.
STEP 3: Bond execution
Your bond will be issued and sent to you after the indemnity agreement is signed.
Get this bond ASAP. Submit your application HERE!