California Credit Services Organization (CSO) Bonds
California Credit Services Organization Bond Information
Credit service organizations in California must furnish a $100,000 surety bond. The minimum bond term required by the state is two years. The surety bond ensures that the bonded principal complies with the provisions of Title 1.6E (commencing with Section1789.10), Part 4 of Division 3 of the Civil Code of the State of California. The surety bond also guarantees that the principal pays all funds due to any individual or group of individuals when the principal or its representative or agent has received such funds. Furthermore, the surety bond obligates the principal to pay all damages due to any person resulting from unlawful acts or omissions by the principal, including its agents or employees while acting within the scope of their employment
How Much Does a Credit Services Organization Bond Cost in California?
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Getting Your California Business License or Registration
To obtain a Certificate of Registration from the California Department of Justice pursuant to the California Civil Code section 1789.25, you must complete the application and provide all required documents. The information along with filing fee must be submitted payable to the Department of Justice to: Department of Justice, Attorney General's Office, P.O. Box 85266, San Diego, CA 92186-5266.
Before a Certificate of Registration will be granted, credit services organizations must obtain a bond in the amount of $100,000, or make a deposit in lieu of the bond, and to file a copy with the California Secretary of State. The Certificate of Registration will not be granted until the Secretary of State acknowledges that the bond or deposit has been properly filed. The Certificate of Registration issued will expire at the end of the year it is issued. It is the applicants responsibility to renew the registration before January 1st of each year. No renewal notice or reminder will be sent by the state. You may obtain a copy of the application for registering your credit services organization, and read a copy of the law to learn important information on additional requirements.