South Dakota Surety Bond Types

Four of America’s most influential presidents are memorialized in South Dakota’s famous Black Hills. These men promoted protection for all people, and so do the surety bonds offered in the Mount Rushmore State. Surety bonds can protect the businesses, its customers and the government agencies that work with it, depending on the specific instance. There are three major components involved in a surety bond: the principal, the obligee and the surety. The business who performs a contractual obligation is the principal, and its customers are the obligees. The surety obligates the principal to fulfill all promises made to the obligee in the contract.

Besides Mount Rushmore, South Dakota is also known for a number of other things. The state’s leading industry is financing and insurance, which accounts for 19% of the state’s gross domestic product. With such a large financing industry it’s no wonder the state government requires anyone engaged in money-lending to obtain a surety bond in an amount not to exceed $10,000. Doing so is necessary to obtain a valid money lending license in the state. The bond holds businesses accountable to the South Dakota Department of Commerce and Regulation Division of Banking, which acts as the obligee in this instance.

South Dakota Surety Bond Requirements

There are a number of other industries in South Dakota that also require their businesses to obtain surety loans. Checking with local and state regulations is a good idea to ensure that you’re meeting all the requirements. But perhaps you own a business that isn’t required to have a surety bond. That doesn’t mean you can’t take advantage of all the great benefits one offers. Many business owners in South Dakota get bonded as an added protection against things like employee theft. Obtaining a surety bond on your own also provides potential customers with an added incentive to work with you. They will know you genuinely care about your business and the activities that take place within it.

After you’ve made the decision to obtain a surety loan, the process only gets easier. You can find all the help you need online. If you don’t have any idea what type of bond you need or where to find more information, you can talk to a friendly surety bond specialist who will be dedicated to helping you find the bond that fits you best. Applying online only takes a few minutes, and getting a quote back only takes a few days. The overall process is fairly simple and well worth the investment.

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Bond Type Obligee Cost Apply Get Quote
Discount Medical Care Bond Division of Insurance
445 E. Capitol Ave.
Pierre, SD 57501
varies Apply Now Get Quote
DMEPOS Bond Department of Social Services
700 Governors Dr.
Pierre, SD 57501
Apply Now Get Quote
Grain Bond Public Utilities Commission
500 E. Capitol Ave.
Pierre, SD 57501
varies Apply Now Get Quote
Lottery Uniform Bond South Dakota Lottery
207 E. Capitol Ave.
Pierre, SD 57501
varies Apply Now Get Quote
Mining Bond Board of Minerals and Environment
523 E. Capitol Ave.
Pierre, SD 57501
varies Apply Now Get Quote
Money Lending Company License & Bond Division of Banking
27 1/5 W. Missouri Ave.
Pierre, SD 57501
varies Apply Now Get Quote
Money Transmitter Bond Division of Banking
27 1/5 W. Missouri Ave.
Pierre, SD 57501
varies Apply Now Get Quote
Mortgage Broker Bond Division of Banking
27 1/5 W. Missouri Ave.
Pierre, SD 57501
$25,000 Apply Now Get Quote
Notary Public Bond Secretary of State
500 E. Capitol Ave.
Pierre, SD 57501
$5,000 Apply Now Get Quote
Performance Construction & Improvement Contract Bond Office of the State Engineer
523 E. Capitol Ave.
Pierre, SD 57501
varies Apply Now Get Quote
Plugging & Performance Bond Department of Environment & Natural Resources
2050 W. Main Ste. 1
Rapid City, SD 57702
varies Apply Now Get Quote
Revenue Uniform Bond Department of Revenue & Regulation
445 E. Capitol Ave.
Pierre, SD 57501
varies Apply Now Get Quote
Surface Restoration Bond Department of Environment & Natural Resources, Minerals & Mining Program - Oil & Gas Section
2050 W. Main Ste. 1
Pierre, SD 57501
varies Apply Now Get Quote
Surplus Lines Brokers Bond Division of Insurance
445 E. Capitol Ave., 1st Floor
Pierre, SD 57501
$2,000 Apply Now Get Quote
Undertaking
(Electrical Contractors or Class B Electricians)
State Electrical Commission
700 Governors Dr.
Pierre, SD 57501
$10,000 Apply Now Get Quote