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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 $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 4-10% of the total bond amount.

Bond Type Bond Amount Cost*
$50,000+ Credit Service Businesses Bond $50,000 + additional $50,000 per location $50,000+ Starts at 1% GET A QUOTE

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.

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How to become a credit service business in Maryland

When filing your license application, be sure to provide the following information:

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.

Ready to get bonded? Our experts are standing by to help you get the bond you need quickly, easily and accurately. Start here!

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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