Oklahoma CSO Bond Overview
- Purpose: To prevent financial loss if a credit repair company breaks rules and regulations
- Who Needs It: All credit service providers in Oklahoma
- Regulating Body: The Oklahoma Department of Consumer Credit (DCC)
- Bond Amount: $10,000
- Premium Price: $100 flat rate
What Is an Oklahoma Credit Service Organization Bond?
An Oklahoma credit services business (CSB) bond is a form of financial security required to protect clients from harm. Under the Oklahoma Consumer Credit Code, all licensees need a $10,000 bond to legally operate in the state.
Who Needs a Credit Service Organization Bond?
In Oklahoma, a credit service organization includes any individual or business that:
- Helps people improve their credit history, record or rating
- Obtains credit extensions for clients
- Provides credit assistance or advice
All CSOs must be licensed and bonded with the Oklahoma Department of Consumer Credit.
How Much Do CSO Bonds Cost in Oklahoma?
The state-required $10,000 Oklahoma credit service organization bond costs $100. It is a flat rate for all applicants — regardless of credit score. Buy your bond online in minutes.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does an Oklahoma Credit Service Organization Bond Work?
An Oklahoma CSO bond creates a legally-binding contract between three parties: the principal, obligee and surety provider.
| Bond Party | Description |
|---|---|
| 1) Principal | The credit service organization owner filing the bond |
| 2) Obligee | The Oklahoma Department of Consumer Credit (DCC) requiring the bond |
| 3) Surety | The surety provider issuing and backing the bond |
You are responsible for upholding the Oklahoma Consumer Credit Code as the bond principal. If you break the bond terms, you become liable for bond claims. The surety provider will pay claims, but then seek repayment from you.
How Do I Get My Bond?
To get your CSO bond, just enter your personal and business information in the form on this page. You can checkout instantly online. We’ll email your official bond documents within minutes.
To file the bond, you’ll print and attach a copy of the bond with your CSO license application to the DCC.
How Do I Renew My CSO Bond?
Your bond will expire after one year. Rather than purchasing a new bond each year, you can renew your existing bond.
We’ll provide email and text updates. Let your surety account manager know if you need to update the bond amount. If not, simply pay the renewal invoice to extend your bond for another term.
Can I Make Changes to My Bond?
If you need small updates to your bond, like a name change, contact your surety provider. We can often issue a bond rider document. This allows you to amend the original bond without needing to cancel and buy a new one.
How to Get a CSO License in Oklahoma
The Oklahoma Department of Consumer Credit oversees credit service organization licensing. To get your license, start by submitting a notarized proof of lawful presence affidavit to [email protected].
Then, complete the application packet, with the following documents:
- Notarized application form
- Notarized appointment of designated agent
- $10,000 surety bond for each location
- Financial statement, if applying as partnership
- Proof of a trust account in Oklahoma, or explanation letter if you are not collecting any client funds upfront
- Military Service Verification, if applicable
- Proof of business entity registration (ex. Certificate of Incorporation)
How Much Does It Cost to Get an Oklahoma CSO License?
It costs $900 for an Oklahoma credit repair company license. You’ll also pay $100 for the surety bond.
| Fee Type | Cost |
|---|---|
| Investigation Fee | $300 |
| License Fee | $200 |
| Examination Fee | $400 |
