California Deferred Deposit Originator Bond
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How much does a deferred deposit originator bond cost in California?
The California Department of Corporations requires deferred deposit transaction law licensees to post $25,000 surety bonds.
These bonds can be issued instantly online for a $250 premium for a one-year term. However, you can purchase a multiple-year term to save time and money with our multi-year discount! Two years of coverage purchased upfront would cost $437.50 and three years purchased upfront would cost $625!
Why do I need this bond?
By posting a California deferred deposit originator bond, principals (originators) pledge to conduct business in accordance with the California Deferred Deposit Transaction Law and all rules and regulations made by the Commissioner of Corporations of the State of California. Specifically, these bonds ensure that principals pay any money that becomes due to the state or any person under the California Deferred Deposit Transaction Law.
If the principal fails to comply with the terms of the surety bond agreement and the letter of the law and a person suffers financial loss as a result, the surety will cover any damages up to the full bond amount. The principal, in turn, must reimburse the surety for all damages paid out.
Receive a free, personalized quote on a California deferred deposit transaction law licensee bond within 1 business day of applying when you work with SuretyBonds.com!
What’s the fine print?
Deferred deposit transaction law licensee bonds in California can be canceled by the surety in accordance with the provisions of Section 996.320 and 996.330 of the Code of Civil Procedure of the State of California.
How to become a deferred deposit originator in California
A deferred deposit originator is any person that offers, originates or makes a deferred deposit transaction, arranges a deferred deposit for a deferred deposit originator, acts as an agent for a deferred deposit originator or assists a deferred deposit originator in the origination of a deferred deposit and is required to obtain a license from the Department of Corporations.
A licensee can only engage in deferred deposit transaction business at the place of business (address) named in the license. Therefore, a license is required for the place of business where a licensee conducts deferred deposit transaction business over the Internet.
To apply for a license, applicants must:
- Submit an application, $200 application fee and investigation fee of $100 for each location
- Maintain a surety bond in the proper amount
- Submit proper fingerprints
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