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Maryland Credit Service Businesses Bond

How much does a credit service businesses bond cost in Maryland?

Maryland credit service businesses bond amounts are set by the state at $12,000. The cost of the bond will vary based on the principal’s (credit service business owner’s) personal credit report. Customers with a credit score of 680 or higher can expect to qualify for the minimum available premium.

Since the price of this particular bond varies so much, it’s best if you call SuretyBonds.com at 1 (800) 308-4358 to get a free, personalized bond quote! Our team of surety experts is dedicated to getting you the bond you need for the best price.

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Credit Service Businesses Bond $12,000 Starts at $100 $600-1,200 $1,200+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

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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Additional Resources

2010 Maryland Code Commercial Law Title 14 - Miscellaneous Consumer Protection Provisions Subtitle 19 - Maryland Credit Services Businesses Act

Maryland Department of Labor, Licensing and Regulation Office of the Commissioner of Financial Regulation Credit Service Business License Application

Maryland Department of Labor, Licensing and Regulation Office of the Commissioner of Financial Regulation Credit Service Business Information

Maryland Consumer Lender Licensee Application and Surety Bond Form

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