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Virginia Credit Services or Debt Management Business Bond

Virginia Credit Services or Debt Management Business Bond

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Who Requires the Credit Services or Debt Management Business Bond and Why Is It Needed?

Graphs. Credit Services Organization bond for those who offer professional credit services

Virginia credit service and credit counselor/ debt management businesses must obtain surety bonds to ensure they conduct business in an ethical and lawful manner. The Credit Services Business Bond is required by the Office of Charitable and Regulatory Programs and is issued for the use and benefit of any person damaged as a result of a violation of the Credit Service Businesses Act (the “Act”), Virginia Code §59.1-335.1 by the bonded principal. The required bond amount is equal to 100 times the standard credit services fee but is not less than $5,000 or greater than $50,000. 

The Debt Management Service Bond is required by the Virginia State Corporate Commission Bureau of Financial Institutions for those applying to the Commission for a license. This surety bond ensures compliance  all written agreements with consumers, proper accounting for all funds received in its licensed business, and adherence to the provisions of said Chapter 20 of Title 6.2 of the Code of Virginia, and all other laws applicable to the conduct of its business.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Virginia Credit Services or Debt Management Business Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

List of Virginia surety bonds.

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