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Maryland
Consumer Reporting Agency Registration Bond

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Coverage Amount: $100,000
Term Length: 1 year
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Maryland Consumer Reporting Agency Bond Guide

If you’re applying for a consumer reporting agency registration in Maryland, you’ll need this surety bond. 

Bond Overview

  • Purpose: To guarantee that agencies are acquiring and using consumer data legally
  • Who Needs It: Consumer reporting agencies in Maryland
  • Regulating Body: The Office of the Commissioner of Financial Regulation
  • Required Coverage: $100,000
  • Premium Rate: 1–10%, based on credit score

Learn all about the bond requirements and process in this guide. 

What Is a Maryland Consumer Reporting Agency Bond?

A Maryland consumer reporting registration bond ensures that agencies are creating legitimate consumer reports in compliance with data collection and usage laws. 

Agencies can only use data to create consumer reports in the following scenarios:

  • In response to a court order
  • In accordance with the written instructions of a consumer
  • For a person or company that needs the information for employment or transaction purposes

The surety bond creates financial security to cover potential damages if an agency employee breaches these laws. 

How Much Do Maryland Consumer Reporting Registration Bonds Cost?

Consumer reporting registration bonds cost a small percentage of the $100,000 coverage amount, typically $500–$1,000.

Exact rates will vary based on your personal credit score. Apply for your free quote now!

Bond Type
$100,000Consumer Reporting Agency Registration Bond

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees. 

How Do I Get My Bond?

SuretyBonds.com provides the fastest and easiest way to get a Maryland consumer reporting agency registration bond. Just follow these quick steps: 

  1. Apply: Submit an online quote request form
  2. Quote: Receive your quote within one day
  3. Sign: Complete the indemnity agreement 
  4. Buy: Purchase the bond online 24/7

We’ll upload your bond form directly to NMLS for you to sign. We’ll email you the link to sign the bond and save a PDF copy. 

If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance. 

How Does a Maryland Consumer Reporting Agency Bond Work? 

A consumer reporting agency registration bond creates a legal contract between these three parties: 

  1. Principal: You, the reporting agency owner(s) filing the bond
  2. Obligee: The Office of the Commissioner of Financial Regulation requiring the bond
  3. Surety: The provider issuing the bond

This holds you financially responsible for upholding the provisions of Maryland Statute 14–3504. 

If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you must ultimately refund the surety. 

How Do I Renew My Bond?

These bonds expire annually. To renew your consumer reporting agency registration bond, simply pay your renewal invoice when prompted. 

We’ll begin contacting you by phone and email 90 days before the expiration date. 

More Resources

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