Utah Credit Service Organization Bond Overview
- Purpose: To prevent financial loss if a credit repair company breaks rules and regulations
- Who Needs It: Credit repair companies in Utah
- Regulating Body: The Utah Department of Commerce, Division of Consumer Finance
- Bond Amount: $100,000
- Minimum Price: $1,500, credit-based
What Is a Utah Credit Service Organization Bond?
A Utah credit service organization (CSO) bond is a form of financial security required to get a CSO license. The $100,000 bond can provide financial recourse if a credit repair company breaks state laws or industry regulations.
Who Needs a Credit Service Organization Bond?
A credit service organization is defined as a business that provides credit repair services such as:
- Improving credit record
- Providing debt management advice or instructional materials
- Offering debt reduction or management plans
All CSO licensees need a $100,000 surety bond or certificate of deposit to legally work in Utah.
How Much Do CSO Bonds Cost in Utah?
The $100,000 Utah credit service organization bond premium starts at $1,500. Your exact premium may vary based on personal credit score and other financials. Apply for your free quote today.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Utah Credit Service Organization Bond Work?
As with all surety bonds, a CSO bond creates a three-party financial contract.
| Bond Party | Description |
|---|---|
| 1) Principal | The credit service organization owner(s) |
| 2) Obligee | The Utah Department of Commerce, Division of Consumer Finance |
| 3) Surety | The issuing surety provider |
As the bond principal, you promise the obligee that you will uphold your professional and financial responsibilities. If you break provisions of the Utah Credit Service Organizations Act, the state or anyone harmed by your actions can file a bond claim.
How Do I Get a Credit Service Organization Bond in Utah?
Start by submitting the quick quote request form on this page. We’ll provide your free quote in a follow-up email.
After providing any requested information and signatures, you can purchase your bond online 24/7. It’ll be delivered via email.
How Fast Can I Get My Bond?
Once you complete your application, we’ll provide your Utah CSO invoice in one business day or less. Oftentimes, you’ll get your quote same-day.
We’ll email you if any additional documentation is needed to provide your bond invoice.
How Do I File My Bond?
If you’re a new licensee, you’ll submit your bond form online to the Division of Consumer Protection along with your license application packet. See more details in the licensing section at the end of this page.
Can I Get Bonded With Bad Credit?
These bonds do require a soft credit preview. Your personalized rate will vary based on credit score. However, we work with several surety markets to approve 99% of applicants. Apply today to see if you qualify.
How Do I Renew My CSO Bond?
Your bond will expire after one year. Rather than purchasing a new bond each year, you can simply renew your existing bond.
We’ll send you reminders before the expiration date. Pay for the renewal invoice and then file the continuation certificate with the Division of Consumer Protection. This will prove that you still have active bond coverage.
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 Credit Service Organization License in Utah
The Utah Division of Consumer Protection oversees credit service organization licensing. Create a UtahID account and submit the following application materials:
- Contract Disclosure Form
- A copy of the information statement to be provided to clients
- A copy of the contract you will use with clients
- A copy of your notice of cancellation
- $100,000 surety bond or CD
- A notarized statement of the CSO or principal
Use the application instructions linked below to ensure you have all the needed information for each document.
