South Carolina Prepaid Legal Services Special Deposit Bond
Know the importance of this surety bond to prepaid legal services companies in South Carolina!
What is a Prepaid Legal Services Special Deposit Bond?
The South Carolina Department of Consumer Affairs requires all prepaid legal services companies to furnish a sufficient surety bond before offering prepaid legal services.
The surety bond is one of the registration requirements mandated by the Consumer Protection Code.
The purpose of the surety bond is to ensure the compliance of the prepaid legal services companies to the relevant statutes as well as to the rules and regulations of the South Carolina Department of Consumer Affairs.
It will also be conditioned that the surety bond will cover the amount necessary to provide just compensation to any person who will be harmed by the potential wrongful acts of the bonded prepaid legal services company.
This requirement is in line with Section 37-16-20 of the South Carolina Code of Laws.
What is the Prepaid Legal Services Special Deposit Bond amount?
The bond amount is $50,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium or as low as 1% of the bond amount!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Prepaid Legal Services Special Deposit 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 prior to 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 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 written on a form approved by the South Carolina Department of Consumer Affairs
- The prepaid legal services company is obligated to comply with the provisions of the Consumer Protection Code or Title 37, Chapter 16 of the South Carolina Code of Laws as well as the rules and regulations of the South Carolina Department of Consumer Affairs
- If the prepaid legal services company commits a violation, the Obligee will be eligible to file a claim against the surety bond