Louisiana Credit Repair Service Surety Bonds

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What is a Louisiana Credit Repair Service Surety Bond?

The Office of the Louisiana Attorney General requires that Credit Service Repair Organizations operating in the state furnish a surety bond in the amount of $100,000 to ensure compliance with state statutes, regulations and other mandated business guidelines. The purpose of the credit repair service surety bond is to secure the compliance by credit repair business with the terms of Credit Repair Service Organization Act, LSA-R.S. and any other legal obligations arising out of the principal's professional conduct as a credit repair service organization. In the event of a violation of the statute or other legal obligation by the bonded principal, the Office of the Louisiana Attorney General, as well as anyone damaged may seek action on this bond to recover losses sustained.

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Credit Repair Service Bond

$100,000 Bond

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Why is a Louisiana Credit Repair Service Bond Required?

The purpose of this surety bond is to secure the compliance by the Bonded Principal with the terms of the Credit Repair Service Organization Act, LSA-R.S. 9:3573.4 and any other legal obligations arising out of the Principal’s conduct as a credit repair service organization. If Principal violates the statute, or other legal obligation arising out of its conduct as a credit repair service organization, the Office of the Louisiana Attorney General, as well as any person damaged as a result of such violation, shall have, in addition to all other legal remedies, a right of action on this bond in the name of the injured party for loss sustained by the injured party. The bond may be canceled by the surety at any time with sixty (60) day written notice of such cancellation.