Virginia Competitive Local Exchange Service Bond
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How much does a telephone service provider bond cost in Virginia?
The Virginia State Corporation Commission requires telecommunications companies that compete with other companies to offer telephone services to post $50,000 surety bonds to legally operate within the state.
SuretyBonds.com offers Virginia competitive local exchange service bonds for different costs depending on a review of each applicant’s personal credit report. Some surety underwriters might require current business financials and a personal financial statement to produce this bond, so applicants should have this information handy during the bonding process.
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Why do I need this bond?
Virginia competitive local exchange service bonds are put in place to ensure that principals (telecommunications companies) reimburse their customers for services not rendered if the Virginia State Corporation Commission determines that the principal has failed to comply with the commission’s rules and regulations.
What’s the fine print?
Virginia competitive local exchange surety bonds are continuous until canceled. The surety can cancel the bond by providing written notice to the state 30 days prior to the effective cancellation date.
How to become a telephone service provider in Virginia
To obtain a Virginia competitive local exchange service certification, individuals must include the following information on their applications:
- the applicant’s name, address, telephone number, fax number, and website address
- the corporation name, address, telephone number, fax number, website address, and type of entity
- a list of officers and directors or a list of principals if not a corporation
- a toll-free telephone number for customer complaints and inquiries
- the name, address, telephone number, and fax number of the business
For more licensing information, visit the Additional Resources section of this page. Kick-start the licensing process by purchasing the surety bond you need.
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