Utah Debt Management Services Provider Bond Guide
If you’re applying for a debt management services registration in Utah, you’ll likely need this surety bond.
Bond Overview
- Purpose: To protect consumers from unfair or deceptive debt management practices
- Who Needs It: Debt management and settlement services providers
- Regulating Body: The Utah Department of Commerce, Division of Consumer Protection
- Required Coverage: $100,000
- Premium Rate: 1–10% based on credit score
Learn all about the bond requirements and process in this guide.
What Is a Utah Debt Management Services Provider Bond?
A Utah debt management services provider bond protects consumers from unfair or deceptive debt management practices. It creates a financial safeguard if companies do any of the following:
- Engage in fraud
- Break state regulations
- Violate consumer contracts
The Utah Department of Commerce, Division of Consumer Protection requires this bond as part of the registration process for debt management services providers in the state.
How Much Do Debt Management Services Provider Bonds Cost in Utah?
Utah debt management services provider bonds cost a small percentage of the $50,000 bond amount, typically 1–10%.
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 Management Services Provider Bond?
The Utah Division of Consumer Protection requires this bond for registered providers that help consumers get out of debt quicker.
This includes the following services:
- Reducing debt balances
- Negotiating lower interest rates
- Negotiating forgiveness for late fees and penalty
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Utah debt management services provider 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 email you the bond shortly after purchase. Be sure to file the bond online through your UtahID account.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Utah Debt Management Services Provider Bond Work?
As with all surety bonds, a debt management services provider bond creates a legal contract between three parties:
- Principal: You, the debt management services provider filing the bond
- Obligee: The Utah Department of Commerce, Division of Consumer Protection requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of the Utah Uniform Debt-Management Services Act.
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 management services provider bond, simply pay your renewal invoice when prompted.
After renewing, you’ll receive a continuation certificate to file with the Utah Department of Commerce, Division of Consumer Protection as proof of ongoing coverage.
