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Virginia Credit Services Business Bond

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How Much Do Credit Services Business Bonds Cost in Virginia?

The Virginia Department of Agriculture and Consumer Services’ Office of Consumer Affairs requires licensed credit service businesses to file a surety bond. Bond amounts vary from $5,000 to $50,000. Verify your bond requirement with the state before applying for your bond. 

  • $5,000-$25,000 bonds cost $15 per $1,000 in coverage, starting at $100. 
  • $25,001-$50,000 bonds start at a rate of 1% of the total bond amount. Your exact premium will depend on your credit score.
Bond Type
$5,000-$25,000Credit Services Business Bond
$25,001-$50,000Credit Services Business Bond

Apply now for an exact quote with no additional fees. 

How Does a Credit Services Organization Bond Work?

This Virginia surety bond creates a contract between three parties: 

  1. Principal: The business that purchases the bond and pledges to comply with the terms
  2. Obligee: The state department that holds the principal liable to industry laws 
  3. Surety: The provider that issues the bond and financially backs the principal’s quality of work. 

Credit services business bonds in Virginia are effective until canceled by the obligee. The surety can also cancel the bond by giving 60-days’ written notice to the Commissioner of the Virginia Department of Agriculture and Consumer Services. 

Virginia Credit Service Business Bond Requirements

By posting a Virginia credit services business surety bond, principals promise to comply with all requirements of the Credit Service Business Act. Prohibited business practices under this act include:

  • Charging or receiving any more or other valuable consideration prior to full and complete performance of the services that the applicant has agreed to perform for the consumer
  • Charging fees solely for referral of the consumer to a retail seller
  • Advising consumers to make any untrue or misleading statements regarding their creditworthiness, credit standing or credit capacity
  • Making any direct or indirect misleading representations in the offer or sale of a credit service

If the principal violates any of these terms, the bond protects harmed consumers from financial loss up to the full bond amount. The principal must reimburse the surety for any paid claims.

How to Get a Virginia Credit Services Business Bond? offers the fastest and most accurate bonding process for credit service businesses: 

  1. Buy your bond for up to $25,000 instantly online 24/7. Or, apply for an instant quote if your bond requirement is over $25,000. 
  2. Check out online or over the phone.
  3. Select your preferred shipping method.
  4. Sign and notarize your original bond form before submitting it to the obligee. 

How to Start a Credit Services Business in Virginia

Credit services businesses in Virginia must register with the Office of Charitable and Regulatory Programs (OCRP) and comply with the provisions of the Virginia Credit Services Businesses Act.

To register, applicants must:

  • Submit a completed Remittance Form
  • Attach a $100 check made out to the Treasurer of Virginia
  • File a surety bond or submit a letter of credit
  • Include a copy of all contracts intended to be used with consumers
  • Attach an information statement

Forms, information pages, legislation and the contents of the information statement are linked in the Additional Resources section below.

Kickstart the licensing process by purchasing the Virginia credit services business bond you need!

Call 1 (800) 308-4358 to talk with a Surety Expert