North Dakota Debt Settlement Service Provider Bond Guide
If you’re applying for a debt settlement provider license in North Dakota, you’ll likely need this surety bond.
Bond Overview
- Purpose: To protect consumers from unfair or deceptive debt management practices
- Who Needs It: All debt settlement licensees in North Dakota
- Regulating Body: The North Dakota DFI, Consumer Division
- Required Coverage: $50,000
- Premium Rate: $500–$5,000, credit-based
Learn all about the bond requirements and process in this guide.
What Is a North Dakota Debt Settlement Service Provider Bond?
A North Dakota debt settlement service bond protects consumers from unfair or deceptive debt settlement and credit counseling practices.
The bond terms prohibit providers from engaging in fraud or misrepresentation while dealing with clients.
How Much Do Debt Settlement Service Provider Bonds Cost in North Dakota?
North Dakota debt settlement service bonds cost a small percentage of the $50,000 bond amount, typically $500–$5,000.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Debt Settlement Service Provider Bond?
The North Dakota Department of Financial Institutions (DFI), Consumer Division requires a $50,000 bond as part of the licensing process for all debt settlement company owners in the state.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a North Dakota debt settlement service bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll upload the electronic surety bond directly to NMLS on your behalf.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a North Dakota Debt Settlement Service Provider Bond Work?
As with all surety bonds, a debt settlement service bond creates a legal contract between three parties:
- Principal: You, the debt settlement company owner(s) filing the bond
- Obligee: The North Dakota DFI, Consumer Division requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of North Dakota Century Code Chapter 13-11.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your debt settlement service bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
