1 (800) 308-4358

Maryland
Credit Service Businesses Bond

400,000+ Bonds issued to 250,000+ satisfied customers.

Coverage Amount: $50,000 - $500,000
Term Length: 1 year
Price Varies
Most Bonds Processed In 24 Hours Or Less
Email Delivery

Purchase your bond today and we'll email your bond directly to you. No shipping required.

Best Prices

We shop the top surety markets to find you the best rate.

Secure Checkout

Backed by SSL, our online bonding process is secure. We are committed to your privacy.

Trustpilot

Maryland Credit Service Business Bond Overview

  • Purpose: To hold credit service businesses financially responsible for following laws. 
  • Who Needs It: Credit service business owners in Maryland
  • Regulating Body: The Maryland Commissioner of Financial Regulation
  • Bond Amount: $50,000–$500,000
  • Minimum Price: $500 or 1%

What Is a Maryland Credit Service Business Bond?

Maryland credit service business bonds hold credit repair companies financially responsible for following industry and state laws. 

The surety bond is a form of financial security that protects consumers from fraud or malpractice by a credit service business.

Who Needs a Credit Service Business Bond?

The Maryland Office of Financial Regulation Department of Labor requires all licensed credit service businesses to have a surety bond. This bond ensures businesses uphold Maryland Code.

Maryland credit service businesses provide services including—but not limited to—the following:

  • Consumer loan brokering 
  • Credit repair
  • Debt negotiation
  • Loan modifications

Bond Coverage Requirements for Maryland Credit Service Businesses

The base Maryland credit service business bond coverage is $50,000 for new applicants. You’ll need an additional $50,000 in coverage for each branch location covered by the bond. 

For example, if you have three branch locations, you’ll need to increase your bond coverage to $150,000.

How Much Do Credit Service Business Bonds Cost in Maryland?

Maryland credit service bond premiums vary depending on coverage amount and credit score. With great personal credit, you can get your $50,000 bond for $500, or a 1% premium. 


These bonds require underwriting, so exact rates can vary between 1% to 10%. Apply for a quote today!

Bond Type
$50,000-$500,000Credit Service Businesses Bond

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

How Does a Maryland Credit Service Businesses Bond Work? 

When you purchase a credit service business bond, you enter into a three-party legal agreement. 

Bond PartyDescription
1. PrincipalThe credit service business owner
2. ObligeeThe Maryland Commissioner of Financial Regulation
3. SuretyThe issuing surety provider

If you break contract terms or conduct business fraudulently, harmed parties can file a claim on the bond. The surety will pay for valid claims and you must reimburse the surety.

Maryland Credit Service Business Bond Overview & Guide

How Do I Get a Credit Service Business Bond in Maryland?

You can get your Maryland credit repair business bond within one business day or less! Just follow these easy steps:

  1. Apply for a quote
  2. Receive your quote within one business day
  3. Pay the premium

How Do I File My Bond?

The surety provider will upload the bond form on your behalf  to the Nationwide Multistate Licensing System (NMLS). You’ll just need to authorize the surety in NMLS to complete the filing process.

Can I Get Bonded With Bad Credit? 

You may still be able to get your credit service business bond with a low personal credit score.  We work with a variety of surety markets to approve 99% of applicants. If you’re worried about qualifying, read about our Bad Credit Bonding Options.

How Do I Renew My Credit Service Businesses Bond?

Credit service business bonds expire annually and must be renewed to maintain your license. You’ll receive text and email reminders starting 90 days before the expiration date. Simply pay the invoice to extend your term for another year.

Call 1(800)-308-4358 if you have any questions about renewing your bond or need to increase your bond coverage.

How Do I Update My Bond Information?

If you need to update basic information on your bond form, email [email protected] the information that needs to be changed.


A SuretyBonds.com representative will assist you with a bond rider, or help issue a new bond form if needed.

How to Get a Credit Service Business License in Maryland

Maryland uses NMLS to manage the licensing process. You only need a license for the principal executive office — branch offices are covered under the original license.

First, you’ll need to provide a liquid asset letter verified by a financial institution that shows $20,000 in available business funds. 

Then, complete the MU1 Company Form and MU2 Individual Form in NMLS to apply for your license. Materials to attach to those forms include, but are not limited to, the following: 

  • Business Plan
  • Surety Bond
  • Business Continuity Plan
  • Certificate of Authority/Good Standing
  • Company Staffing and Internal Policies Document
  • Management Chart
  • Memorandum of Tax Certification 
  • Personal Financial Statement

For more information about Maryland credit service business license applications, check out the Maryland CFR Credit Service Business Company Application Checklist and NMLS Licensing and Fees Checklist.

How Much Does it Cost to Get Licensed?

According to NMLS, you’ll pay $1,070 in fees — not including the bond premium for your Maryland credit service business license. See the chart below for a cost breakdown:

Fee TypeFee Amount
License Registration Fee$850
Application Fee$100
NMLS Processing Fee$120
Surety Bond Premium*$500+

*Surety bond premium rates vary based on personal financials. 

More Resources

Call 1 (800) 308-4358 to talk with a Surety Expert

or