South Carolina Bingo Revenue Bond
Start winning big in the bingo business through this surety bond!
What is a Bingo Revenue Bond?
The following are required by the South Carolina Department of Revenue to post a surety bond before engaging in the bingo game business:
- Manufacturers, promoters, organizations, or distributors of bingo cards
- Bingo games promoters or sponsors
The purpose of a surety bond is to ensure that all State fees, penalties, warrant costs, fines, and interests will be promptly paid by the aforementioned persons.
In the event of a default, the Obligee (to whom the surety bond is furnished) will have the right to recover the amount by filing a bond claim.
Also, it will be conditioned that the manufacturers, promoters, organizations, or distributors of bingo cards as well as the bingo games promoters or sponsors will perform their activities in accordance with the applicable laws and rules of the State.
This requirement is in line with Section 12-21-4230 of the South Carolina Code of Laws.
What is the Bingo Revenue Bond amount?
The bond amount will be on a case-by-case basis. This will be determined by the South Carolina Department of Revenue.
Once you have determined your bond amount, you can find out what your bond premium will be by claiming your FREE SURETY BOND QUOTE HERE!
Those who have excellent credit scores will be eligible for a very low bond premium!
How can I get a Bingo Revenue Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of South Carolina
- The surety bond should be made payable to the South Carolina Department of Revenue
- The Principal (manufacturers, promoters, organizations, or distributors of bingo cards as well as the bingo games promoters or sponsors) is obligated to comply with the provisions of Title 12 of the South Carolina Code of Laws as well as the rules and regulations of the South Carolina Department of Revenue
- If the Principal commits a violation, the Obligee will be eligible to file a bond claim