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How much will my debt management bond cost?
The Arizona Department of Financial Institutions requires debt management companies to post bonds. The amount of coverage needed varies depending on how much debt the company handled and disbursed in the state during the previous year. A new company will need a $5,000 bond.
The price you’ll pay for your debt management bond depends directly on your personal credit report. Qualified applicants may pay as little as 1% of the bond amount.
Poor credit? Don’t worry, our bad credit surety bond program allows us to approve 99% of all applicants!
Why do I need this bond?
The Arizona debt management surety bond is required by the Arizona Department of Financial Institutions. All rules, laws and regulations that are required to be followed by licensed debt management professionals can be found in the Arizona Revised Statutes (ARS). According to the ARS Title 6, Chapter 6, unlawful acts include:
- attempting to change any scheduled payment unless the debtor gives consent
- acting as both a collection agent and debt manager on a single account
- having a debtor sign a contract or agreement that is not complete
- receiving or charging any person for the referral of a debtor
- falsely advertising services
If a debt manager was to break any of these laws and a claim was made against him or her, the surety would initially pay for any financial losses up to the full bond amount; however, the principal is ultimately responsible for reimbursing the surety.
Our surety specialists are standing by to answer any questions you have! Just give us a call at 1 (800) 308-4358 or submit a bond request form to connect with a debt management bond expert.
What’s the fine print?
Arizona debt management surety bonds are continuous until canceled, and the obligee requires 30 days notice from the surety underwriting company prior to cancellation.
When filling out the bond form, it is important to check the business/license type for which you are applying. If you wish to be bonded for more than one of the license types offered by the Department of Financial Institutions, multiple bonds must be taken out.
Every employee within a debt management company in Arizona must be bonded, not just the company as a whole.
How to start a debt management company in Arizona
The following must be submitted to the Arizona Department of Financial Institutions when applying for a debt management license:
- biographical statement, if applying as an individual
- certificate of good standing
- branch office application(s)
- personal and professional financial statements
- notarized debt management supplement application
- all required fees
Our team of surety specialists is here to get you the bond you need so that you can get your debt management license. Take the first step now and fill out our online bond request form!