North Carolina Credit Repair Service Bond
What is a North Carolina Credit Repair Service Bond?
Credit Repair Service businesses in North Carolina must furnish a surety bond pursuant to NC General Statutes - Chapter 66 Article 30 § 66-222. The amount of the bond must be ten thousand dollars ($10,000) and its written in favor of the State of North Carolina. The purpose of the credit repair services surety bond is to indemnify any person damaged by the credit repair business' breach of contract or any violation of the Article. Anyone financially harmed may bring an action against the surety bond to recover damages. The aggregate liability of the surety is limited to actual damages and the statutory bond amount.