Credit Services Organization or Foreclosure Consultant Bond
What is an Indiana Credit Services Organization or Foreclosure Consultant Bond?
A surety bond is required for Indiana Credit Service Organizations by the Office of the Attorney General, Consumer Protection Division in order to comply with the provisions of IC 24-5-15. The surety bond guarantees that the Credit Service Organization pays all financial damages and penalties as provided by IC 24-5-15-9 to any party financially harmed by the Credit Service Organization's violations of state laws. The bonded principal must also adhere the provisions of the Act and anyone having a cause of action under IC 24-5-15 may seek financial relief against the surety bond. A similar surety bond is required of Foreclosure Consultants planning to conduct business in the state of Indiana.