What is a Utah Telemarketer Performance Bond?
Understand what this bond is all about and how to acquire one quickly!
The Division of Consumer Protection of the Department of Commerce of the State of Utah requires Telemarketers to register annually. One of the prerequisites for the said registration is a performance bond.
The requirement complies with Title 13 Chapter 26 of the Utah Code Annotated or the Telephone Fraud Prevention Act.
Telemarketers are persons, partnership, association, organization, corporations, or any business entities that engage in unsolicited calls for the purpose of the following:
- To seek a financial donation to a charitable institution
- To sell goods and services
- To sell or invest in a property
- Solicits a sale or extension of credit for goods or services
- Requests information that will be used for the sale of property or an extension of credit
What is the bond amount?
$25,000 – For a Telemarketing business that has less than ten employees
$50,000 – For a Telemarketing business that has more than ten employees
$75,000 – For a Telemarketing company that has committed a valid violation of Title 13 Chapter 26 of the Utah Code Annotated or the Telephone Fraud Prevention Act within three years after the date the business entity has applied for registration
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 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 surety bond will be made payable to the Division of Consumer Protection of the Department of Commerce of the State of Utah
- The Telemarketer is obligated to comply with all the provisions of Title 13 Chapter 26 of the Utah Code Annotated or the Telephone Fraud Prevention Act, the rules and regulations of the Division of Consumer Protection of the Department of Commerce of the State of Utah, and all the applicable rules
- If the Telemarketer commits a valid violation, the Division of Consumer Protection of the Department of Commerce of the State of Utah will be eligible to file a claim on the bond
- The bond is valid for one year
- In case of cancellation, a 90-day notice is required
How can I obtain a Telemarketer bond?
To secure this type of bond, the Telemarketer 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 apply? Call us now!