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How much does a credit service businesses bond cost in Maryland?
Maryland credit service businesses bond amounts are set by the state at $50,000, plus an additional $50,000 for each branch location covered by the bond. The cost of the bond will vary based on a review of the owner of the credit service’s qualifications. Highly qualified applicants can expect to qualify for the minimum available premium, while those with slightly lower credit are typically approved anywhere between 4% and 10% of the total bond amount.
If you’re ready to get bonded, fill out our online bond request form. Our surety experts will walk you through each step of the fast and easy bonding process and provide you with a free, no-strings-attached surety bond quote.
Why do I need this bond?
Maryland credit service businesses surety bonds are required by the Division of Financial Regulation of the Maryland Department of Labor, Licensing and Regulation Division. This bond is required to ensure that credit repairers comply with all aspects of the Maryland Credit Services Businesses Act. The bond would provide protection to the state and any person who had a cause of action under the act.
Give us a call at 1 (800) 308-4358 or submit a bond request to connect with our team of experts who will answer all of your questions and set you up with the bond you need.
What’s the fine print?
This obligation is listed on a surety bond form along with 5 other professions, so be sure you let us know you need this bond to help individuals repair their credit. This type of bond is continuous until canceled. The state requires surety companies to provide at least 60 days’ notice before canceling a bond.
How to become a credit service business in Maryland
When filing your license application, be sure to provide the following information:
- name, address, phone number and social security number of applicant and all officers
- whether business is a corporation, partnership, LLC or sole proprietorship
- whether you or any other officer of the business has ever been denied a license or had a licensed revoked and the reason
- any criminal charges held against you
- trade name (if different than the business name)
- types of credit service business activities in which you will be involved
- whether you’ve ever been refused coverage under a fidelity or surety bond and the reason
- whether you’ve ever filed for bankruptcy
- website address
- detailed description of corporate structure
- list of states in which you engage in credit service business
Each application will require a license fee of $1,700. Should any of this information be found incorrect, the state reserves the right to revoke or suspend your license. A decision on a completed application packet will be made within 60 days of submission.
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