How to get a California Credit Services Organization License
This California credit services organization license guide is for informational purposes only. SuretyBonds.com does not regulate or manage licensing for credit services organizations in California. Contact the California Department of Justice for the state's latest official credit services organization license requirements.
The California Department of Justice defines a credit services organization as “a business that, in exchange for a fee, offers to perform services or provide advice or assistance to improve a consumer's credit record, history, or rating, or to assist the consumer with obtaining a loan or other extension of credit." If your business offers these services, this guide will walk you through the California credit services organization licensing process.
How do I get a credit services organization license in California?
Step 1. Gather all required application information and documents.
Fill out your California Credit Services Organization Registration Application and provide the following.
- copy of a recent (not more than 3 months old) financial statement
- name, address, and driver’s license number for every person who owns at least 10% of stock shares in your organization
- transcripts and copies of all advertisements
- California credit services organization contract
- information statement
- separate notice of cancellation
- copies of any other documents your organization requires buyers to sign
Step 2. Purchase a California credit services organization surety bond.
You must file a $100,000 surety bond with your California credit services organization license application. Your bond requires you to comply with Civil Code of California Title 1.6E, which prohibits violations such as collecting money before fulfilling services and advertising before registering with the California Department of Justice. If you fail to do so, your bond provides the state and consumers with financial protection, and you'll be held liable for damages your surety company pays for claims resulting from your noncompliance.
You can apply for your California credit services organization bond online 24/7 with premiums starting at $1,500 for the state's required 2-year bond term. Once your order has been processed, you’ll receive your official California credit services organization bond by email.
Step 3. Submit your California credit services organization license application and fee payment.
Once you’ve gathered all supporting documents, mail your completed application packet to the Department of Justice along with your $100 filing fee payable to the Department of Justice.
Department of Justice
Attorney General’s Office
P.O. Box 85266
San Diego, CA 92186-5266
How do I renew my California credit services organization license?
Your California credit services organization license will expire 1 year from its issuance date. You must renew your license with the Department of Justice annually before it expires.
Note that California does not send credit services organization license renewal reminders.
How do I contact the California Department of Justice?
If you have questions about your existing California credit services organization license or new license application, you can contact the Credit Services Organization Administrator by emailing [email protected] or calling 1(619) 738-9000.
Last Updated: September 25, 2023