How much does a prepaid entertainment surety bond cost in North Carolina?
The North Carolina Attorney General requires prepaid entertainment services to post surety bonds to legally work in the state. The required bond amount is equal to the aggregate value of outstanding liabilities to buyers or $10,000, whichever is greater. The maximum required bond amount is $250,000.
The price you’ll pay for your North Carolina prepaid entertainment bond is subject to underwriting. Because the required bond amount and pricing scale varies so much, the best way to find out how much you’ll pay for your bond is to give us a call at 1 (800) 308-4358 or fill out an online bond request form.
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Prepaid Entertainment Bond||Varies||Starts at 1%||5-8%||10%+||Apply Now|
Call 1 (800) 308-4358, or click here, to get started. The experts at SuretyBonds.com make the bonding process fast, easy and accurate.
Why do I need this bond?
It is required by the provisions of NCGS 66-124 that principals (prepaid entertainment service provides) furnish a bond according to the terms and conditions set forth in Chapter 66, Article 21 of the North Carolina General Statutes. By posting this bond, a principal pledges that he or she and all agents/employees will faithfully and honestly perform and abide by all of the obligations stated in Chapter 66, Article 21 of the North Carolina General Statutes and all current and future amendments.
Specifically, the bond states that “any buyer of prepaid entertainment contract services who suffers or sustains any loss or damage by reason of the closing of a facility or bankruptcy of the seller shall file a claim with the surety, and if the claim is not paid, may bring an action in his own name based on the bond and recover against the surety.”
The following services are included in this bond:
- dance lessons or facilities
- social club services
- martial arts training
- health or athletic club services
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What’s the fine print?
North Carolina prepaid service entertainment surety bonds remain continuous and in full force and effect unless otherwise terminated. The surety can cancel the bond and be relieved of further liability by giving 60 days’ written notice of termination to the North Carolina Attorney General’s office in Raleigh, North Carolina.
The required bond amount can be increased or decreased on a semi-annual basis.
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