What is a Maryland Credit Services Businesses Bond?
Know why this surety bond matters to your business and how to easily obtain one!
What is a Credit Services Businesses Bond?
To provide the following services, a credit services business must apply for a license and submit a surety bond to the Commissioner of Financial Regulation, Maryland Department of Labor, Licensing, and Regulation:
- Improve a client’s credit rating
- Establish a new credit record
- Obtain an extension of credit for a client
- Advice or assist clients regarding the improvement of their credit rating, the establishment of a new credit record, or obtaining an extension of credit
The purpose of the surety bond is to ensure that the credit services business will perform its duties under the terms of the license and its accompanying statute or regulation.
Also, a claim can be made against the bond if the licensee does not comply with the applicable terms, statutes, or regulations.
This prerequisite is in line with Section 14-1908 of the Annotated Code of Maryland.
What is the Credit Services Businesses Bond amount?
The bond amount is $12,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Credit Services Businesses Bond?
Here’s a step-by-step bonding process that we have made easier so that you can get your bond in no time:
You must first apply for this type of surety bond. If you are ready to do this now, you may APPLY HERE!
Our expert surety bond agent will guide you through the entire process – from the time you have applied until the bond is issued to you.
Next, you will be asked to submit a few important information that our underwriter will need to assess the following:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed before submitting.
Once the underwriting process is done, we will immediately issue your bond and send it to you right away!
What are the surety bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of Maryland
- The surety bond should be made payable to the Commissioner of Financial Regulation, Maryland Department of Labor, Licensing, and Regulation
- The licensed credit services business must comply with the provisions of the Maryland Credit Services Businesses Act as well as the rules and regulations promulgated by the Commissioner of Financial Regulation of the Maryland Department of Labor, Licensing, and Regulation
- If the licensee commits a violation, the Obligee will be eligible to file a claim against the bond for the benefit of the aggrieved party