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Why is an Ohio Credit Services Organization Bond Required?
This surety bond ensures that those applying to the Division of Financial Institutions of the State of Ohio for a certificate to conduct the business provided for in Sections 4712.01 to 4712.14 of the Revised Code of Ohio faithfully observe and comply with all of the provisions of law.
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CREDIT SERVICE ORGANIZATION BOND FORM
Ohio Code states that no credit services organization shall conduct business in Ohio unless the organization has obtained a surety bond issued by a surety company authorized to do business in this state and all of the following conditions are met: (1) A copy of the bond is filed with the division of Financial Institutions. (2) The bond is in favor of any person, and of the state for the benefit of any person, that is injured by any violation of sections 4712.01 to 4712.14 of the Revised Code. (3) The bond is in the amount of fifty thousand dollars and (4) The bond is maintained and in effect for at least two years after the date on which the credit services organization ceases to conduct business in the state of Ohio.