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Mississippi Debt Management Services Bond

Mississippi Debt Management Services Bond

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

Graphs on tablet. Debt Management Services Bond for debt management business

Debt Management Service Provider licensees are required to obtain a surety bond or other security pursuant to Section 81-22-7 of the Mississippi Nonprofit Debt Management Services Act. The purpose of the surety bond is to constitute funds to be used to reimburse payments made by debtors that were not properly distributed by the licensee to the creditors. The surety bond is filed with the Commissioner of the Mississippi Department of Banking and Consumer Finance.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Mississippi Debt Management Services 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.

What is Needed to Obtain My License or Registration?

License period Debt Management Service Providers is January 1 to December 31 and is not pro-rated for application made during the license period. The minimum licensing requirements are as follows;

  1. Initial license fee
  2. $50,000 surety bond issued for licensing period. Cash or a certificate of deposit in the same amount may be provided in lieu of surety bond
  3. Financial Statements
  4. Register with Mississippi Secretary of State
  5. Overview of the transactions and activities to be conducted
  6. Copy of consumer agreements and fee schedule
  7. Copy or servicing contracts or agreements between licensee and any third parties
  8. Narrative explaining how client payments are processed
  9. List of all education, courses and products offered to consumers and the associated costs

List of Mississippi surety bonds.

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