What is a Utah Credit Services Organization Bond?
Understand what this bond is for and how to obtain one easily!
Before any Credit Services Organization can perform its duties through the issuance of a certificate of registration, the Division of Consumer Protection of the Department of Commerce of the State of Utah requires a surety bond to be submitted.
The duties of a Credit Services Organization are, but not limited to, the following:
- Improves a buyer’s credit history or rating
- Provides assistance to buyers to improve his or her credit history or rating
- Provides assistance to buyers regarding debt reduction or debt management plans
The surety bond requirement is in pursuance of Title 13 Chapter 21 Section 4 of the Utah Code Annotated.
What is the bond amount?
The bond amount is $100,000.
If you have an excellent credit score, you may be eligible to pay a very low bond premium or just 1% of the bond amount!
Find out you need to pay for this bond today! Get your FREE quote here!
What are the Credit Services Organization bond conditions?
- The bond should be issued by a corporate surety who is authorized to conduct business within the state and is licensed by the Utah Department of Insurance
- The Credit Services Organization Certificate of registration applicant should comply with the provisions of Title 13 Chapter 21 of the Utah Code Annotated, as well as the rules and regulations of the Division of Consumer Protection of the Department of Commerce of the State of Utah
- If the Credit Services Organization commits a valid violation, the Division of Consumer Protection of the Department of Commerce of the State of Utah will be eligible to make a claim on the surety bond for the benefit of any aggrieved person
- The surety bond is valid for one year and is renewable every year
- In case of cancellation, a 90-day notice is required
How can I obtain a Credit Services Organization bond?
To secure this type of bond, the Credit Services Organization Certificate of registration applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond.
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
Ready to get started on this bond? Apply here today!