What is a Virginia Professional Solicitor’s Bond?
Learn all about this surety bond for paid solicitors in Virginia!
What is a Professional Solicitor’s Bond?
It is one of the most important requirements when applying for registration as a professional solicitor.
A surety bond is required by the Commissioner of the Virginia Department of Agriculture and Consumer Services in pursuance of Section 57-61 of the Code of Virginia.
The purpose of the bond is to ensure that the professional solicitor will perform his or her duties in line with the relevant laws of the state. This includes protecting the contributions that the professional solicitor will have legal control of.
The surety bond will also ensure that if the professional solicitor defaults on his or her obligations by committing a misconduct, the person or charitable organization that has been affected will be justly compensated.
What is the Professional Solicitor’s Bond amount?
The bond amount is $20,000.
If you have an excellent credit score, you will be eligible for a very low bond premium, or just 1% of the bond amount! GET YOUR FREE SURETY BOND QUOTE HERE!
How can I get a Professional Solicitor’s 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 do 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 in order 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 Commonwealth of Virginia
- The surety bond should be made payable to the Commonwealth of Virginia
- The registered professional solicitor is required to follow the provisions of Title 57 Chapter 5 of the Code of Virginia as well as the rules and regulations set forth by the Virginia Department of Agriculture and Consumer Services
- If the registered professional solicitor commits a violation, the aggrieved party or the Obligee will be eligible to file a claim against the surety bond