Pennsylvania Telemarketing Bond
What is a Pennsylvania Telemarketing Bond?
Telemarketers authorized to do business in the Commonwealth of Pennsylvania must furnish a surety bond to protect buyers of telemarketing products who sustain monetary loss or damage resulting from transactions with or bankruptcy of the bonded telemarketing entity. This surety bond is mandated pursuant to 73 P.S. § 2244 (6) for the purpose of providing reimbursement and restitution to consumers who contract to purchase goods or services from telemarketers and are financially harmed by the actions of the telemarketer. In the situation where the principal declares bankruptcy or violates the terms of a contract or those set forth in Pennsylvania law, the injured party may have cause to take action against the bond to recover damages.