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How much does a MTS-PSP surety bond cost in Washington, D.C.?
Individuals who operate taxicab commission meter businesses in the District of Columbia must post surety bonds before they can be legally licensed to work in the district.
Modern taximeter system payment service provider bonds are subject to underwriting, which means pricing is based on a review of the applicant’s personal credit report and the bond's required amount. When the District begins accepting new MTS-PSP license applications, our experts will be here to walk any and all clients through the bonding process.
Enjoy fast, easy and accurate bonding service when you work with SuretyBonds.com! Get started by calling 1 (800) 308-4358, or request your bond online now.
Why do I need this bond?
By posting a D.C. taximeter payment service provider bond, principals (payment service providers) agree to conduct business according to the D.C. Official Code and D.C. Municipal Regulations, specifically the District of Columbia Taxicab Commission Meter Business License Title 31 District of Columbia Municipal Regulations Chapter 4, 6, 8 and 16.
If the principal fails to comply with these terms, the bond protects harmed parties from financial loss up to the full amount of the bond. The principal must reimburse the surety for all damages paid out.
For additional information about this type of surety bond, contact a surety expert online now.
What’s the fine print?
Taximeter payment service provider bonds are issued for 1-year terms, and the Certificate of Operating Authority remains in effect for an additional year. An appropriate renewal certificate can continue the obligation for subsequent years as long as the required bond amount is available for each license period.
This bond can be canceled by either the licensee or the surety upon notice to the DC Taxicab Commission via registered or certified mail (with return receipt requested). Cancellation becomes effective at least 1 year after the commission receives the notice.
How to become a taximeter payment service provider in Washington DC
As of November 10, 2015 (from District of Columbia Taxicab Commission): “The Office of Taxicabs is accepting applications for approval renewal and for new payment service providers (PSPs) under Chapter 4 of the DC Municipal Regulations, Title 31.
Please be advised of the following: The Office of Taxicabs is extending the deadline for existing PSPs to apply for renewed operating authority. The original deadline of November 16th is extended to November 23rd. New PSPs can apply anytime.
The Office will accept applications from existing PSPs that choose to either: (a) provide a valid and effect surcharge bond in the amount of $100,000 by November 23, or (b) provide a valid and effect surcharge bond in the amount of $50,000 by November 23, and an additional valid and effect surcharge bond – following approval – in the amount of $50,000 by December 28. A PSP which chooses the latter option and is granted an approval, but fails to provide the additional bond by December 28, shall lose its approval effective December 29.”
A complete list of eligible payment service providers and digital dispatch services can be found on the District of Columbia Taxicab Commission website.