What is a Texas Veterans Organization Solicitation Bond?
Protecting the heroes of the country through this bond!
Protecting veterans is paramount in this country. A Veterans Organization ensures that these valued men and women are assisted well through solicited benefits.
Before a Veterans Organization can solicit any financial support or buy goods and services for veterans, Chapter 1804 of the Occupations Code states that the said organization and its solicitor should procure a surety bond separately.
What is the bond amount?
The bond amount will depend on the number of counties the Veterans Organization and the Veterans Organization Solicitor is doing business in, as well as other factors.
Veterans Organization Bond Amount
- If the Veterans Organization is chartered by the United States Congress, the bond amount is $1,000.00.
- If the Veterans Organization is not chartered by the United States Congress, the bond amount will be as follows:
- If the Veterans Organization solicits in only one county, the bond amount is $5,000.
- If the Veterans Organization solicits in more than one county, but less than six counties, the bond amount is $10,000.
- If the Veterans Organization solicits in six or more counties, the bond amount is $25,000.
Veterans Organization Solicitor’s Bond Amount
- If the Veterans Organization Solicitor before they in only one county, the bond amount is $5,000.
- If the Veterans Organization Solicitor solicits in more than one county, but less than six counties, the bond amount is $10,000.
- If the Veterans Organization Solicitor solicits in six or more counties, the bond amount is $25,000.
Your bond premium will depend on various factors as well. Those who have excellent credit scores may qualify for a bond premium of only 1%!
To find out what you need to pay, get your FREE quote today!
What are the Veterans Organization Solicitation Bond conditions?
- The bond should be written by a state-authorized surety bond company such as Surety Bond Authority
- The bond should be made payable to the State of Texas
- The Veterans Organization and its Veterans Organization Solicitor should abide by the provisions of Chapter 1804 of the Occupations Code, as well as all the rules and regulations that govern the said organization
- In case of violation, the State of Texas and the person whom the violation has caused damaged to will be eligible to file a claim on the bond under the terms and conditions of the bond
How can I obtain this bond?
You can obtain a Veterans Solicitation Bond by applying for one at Surety Bond Authority.
We will get in touch with you right after you have applied for the bond to guide you through the rest of the bonding process.
An underwriter will evaluate relevant details needed for the bond such as your financial history, job performance history, and credit score.
Once the assessment is done, we will complete the Veterans Organization Solicitation bond form 3502, and send it to you.
Need more information? Call us!