Indiana Debt Management Services Provider Bond Guide
If you’re applying for a debt management company license in Indiana, 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 Indiana Department of Financial Institutions, Consumer Credit Division
- 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 an Indiana Debt Management Services Provider Bond?
An Indiana 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 Indiana Department of Financial Institutions (DIFS), Consumer Credit Division 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 Indiana?
Indiana debt management services provider bonds cost a small percentage of the $50,000 bond amount, typically 1–10% based on credit score.
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 Indiana DIFS’ Consumer Credit Division requires this bond for providers that offer debt management services, such as debt negotiation, credit counseling, or debt settlement.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Indiana 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 upload the bond to NMLS on your behalf and email a copy for your records.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does an Indiana 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 Indiana DIFS, Consumer Credit Division requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of Indiana Code 28-1-29.
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.
