City of Madison Rental License Bond Guide
To legally own and operate a rental property in Madison, MS, property owners must file a $25,000 bond. Use this guide to learn all about the bonding process.
Bond Overview
- Purpose: To protect the welfare and safety of Madison renters
- Who Needs It: All local rental property owners
- Regulating Body: The City of Madison
- Required Amount: $25,000
- Premium Rate: $125
What Is a City of Madison Rental License Bond?
A rental license bond in Madison, Mississippi ensures that rental managers follow the city's laws and regulations. It also protects the public from rental property mismanagement.
How Much Do Rental License Bonds Cost?
All rental property owners and operators in the city of Madison, MS need a $25,000 bond to be licensed. Premium rates cost a flat rate of $125 for the 1 year term. Buy yours online now to get it instantly.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Madison, MS Rental License Bond Work?
A city of Madison rental license bond binds the following three parties in a legal agreement:
- Principal: The rental property owner
- Obligee: The City of Madison
- Surety: The surety provider
If you, as the principal, violate the bond terms, the surety company will pay valid claims up to the bond amount. In the end, it is your responsibility to reimburse the surety.
Who Needs a City of Madison Rental License Bond?
The City of Madison increased the requirements for a rental license because of excessive resident complaints about poorly maintained properties. Now, a rental license bond is required for all property owners and managers in the city of Madison.
If a property manager violates their permit or contract, they have 15 days to fix the violation before their license becomes void.
How Do I Get a City of Madison Rental License Bond?
SuretyBonds.com provides the fastest and easiest way to get a city of Madison rental license bond. Buy your bond instantly using the forms above.
Once your purchase has been processed, you will receive your official bond documentation via email. Print it out and sign it to include in your application packet.
Can I Get Bonded With Bad Credit?
Yes. This bond is available for instant purchase at a flat rate, so no credit check is required!
How Do I Renew My City of Madison Rental License Bond?
A Madison, MS rental license bond has a one-year term and continues until canceled. When the end of your bond term gets close, a SuretyBonds.com representative will send you an invoice for the next term. Simply pay the invoice to extend your bond.
How to Get a Rental License in Madison, Mississippi
To get your Madison, MS rental license, start by completing an application form. This will require the following information:
- Street address of the property
- Property managers and registered agents contact information
- Number of properties
- Type of properties
After completing the application, submit the following materials to the city:
- Application form
- $500 application fee
- $25,000 surety bond form
- Copy of the property deed
- Letter from the Home Owners Association
Deliver your application packet to the City of Madison at 1004 Madison Ave, Madison, Mississippi 39110. Once your application has been processed, schedule your property inspection.
When that is approved, you’ll receive a Certification of Compliance and your rental license.
How Do I Renew My Madison Rental License?
Certificates of Compliance expire after one year. To renew, apply for a new certificate and complete all of the inspection requirements.
