Virginia Attorney Settlement Agent Bond Guide
If you’re applying for a settlement agent license in Virginia, you’ll need this surety bond.
Bond Overview
- Purpose: To ensure settlement agents operate ethically
- Who Needs It: Attorney settlement companies in Virginia
- Regulating Body: The Virginia State Bar
- Required Coverage: $200,000
- Premium Rate: $2,000–$20,000, credit-based
Learn all about the bond requirements and process in this guide.
What Is a Virginia Attorney Settlement Agent Bond?
A Virginia attorney settlement agent bond protects clients from financial harm if an attorney agent acts unethically or unlawfully. If an agent is fraudulent or breaks state regulations, clients can file bond claims for compensation.
How Much Do Attorney Settlement Agent Bonds Cost in Virginia?
Virginia attorney settlement agent bonds cost a small percentage of the bond amount, typically $2,000–$20,000. 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 an Attorney Settlement Agent Bond?
The Virginia State Bar requires this bond as part of the licensing process for settlement agent companies in the state.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Virginia attorney settlement agent 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 mail you the bond via your preferred shipping method. Be sure to file the bond with the Virginia State Bar as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Virginia Attorney Settlement Agent Bond Work?
As with all surety bonds, an attorney settlement agent bond creates a legal contract between three parties:
- Principal: You, the settlement agent company filing the bond
- Obligee: The Virginia State Bar requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of Virginia State Code § 55-525.20.
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 attorney settlement agent bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
