Delaware Debt Management Services Provider Bond Guide
If you’re applying for a debt management services license in Delaware, you’ll likely need this surety bond.
Bond Overview
- Purpose: To protect consumers from unfair or deceptive debt management practices
- Who Needs It: Debt management and settlement services providers
- Regulating Body: The Delaware Director of Consumer Protection
- Required Coverage: $50,000
- Premium Rate: 1–10% based on credit score
Learn all about the bond requirements and process in this guide.
What Is a Delaware Debt Management Services Provider Bond?
A Delaware debt management services provider bond protects consumers from unfair or deceptive debt management practices. It creates a financial safeguard if companies do any of the following:
- Engage in fraud
- Break state regulations
- Violate consumer contracts
The Delaware Director of Consumer Protection requires this bond as part of the licensing process for debt management services providers in the state.
How Much Do Debt Management Services Provider Bonds Cost in Delaware?
$50,000 Delaware debt management services provider bonds cost a small percentage of the bond amount, typically 1–10%.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Debt Management Services Provider Bond?
The Delaware Director of Consumer Protection requires this bond and a state license for providers that offer debt management services, such as debt negotiation, credit counseling, or debt settlement.
Attorneys and accountants are exempt from licensing when debt management is provided as part of their professional services.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Delaware debt management services provider bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll ship you the bond form. Be sure to mail it along with your license application packet to: Consumer Protection Unit, Department of Justice, 820 N. French St., Fifth Floor, Wilmington, DE 19801.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Delaware Debt Management Services Provider Bond Work?
As with all surety bonds, a debt management services provider bond creates a legal contract between three parties:
- Principal: You, the debt management services provider filing the bond
- Obligee: The Delaware Director of Consumer Protection requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding all applicable provisions of the Delaware Uniform Debt Management Services Act.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your debt management services provider bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
