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How much does a credit services business bond cost in Virginia?
The Virginia Department of Agriculture and Consumer Services’ Office of Consumer Affairs requires credit services businesses to post a surety bond in varying amounts prior to conducting business. Applicants for a surety bond should verify their required bond amount with the state prior to bonding.
Because the amount of the bond varies, the cost of the bond will vary as well based on a review of the applicant’s credit. Therefore, our experts recommend submitting a bond request now. You’ll be connected with a member of our team who will walk you through our fast and easy bonding process and provide you with your free, no-obligation bond quote!
Working with SuretyBonds.com means working with bond experts who are knowledgeable about the intricacies of surety bonds. Call 1 (800) 308-4358 or click here to receive fast, easy, and accurate bonding services!
Virginia credit service business bond requirements
By posting a Virginia credit services business surety bond, principals (credit services businesses) pledge to conduct business in compliance 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 or on behalf of the consumer
- charging fees solely for referral of the consumer to a retail seller
- advising consumers to make any statement that is untrue or misleading regarding the consumer’s creditworthiness, credit standing or credit capacity
- making any untrue or misleading representations in the offer or sale of a credit service, directly or indirectly
If the principal fails to conduct business ethically and lawfully, the bond protects any person who is harmed from financial loss up to the full amount of the bond. The principal must reimburse the surety for any damages paid out.
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When does a credit service business bond become effective?
Credit services business bonds in Virginia become effective on the date indicated on the bond form and remain continuous until canceled. The surety can cancel the bond at any time by giving written notice via registered mail to the Commissioner of the Virginia Department of Agriculture and Consumer Services. Cancellation becomes effective 60 days after the commissioner receives the notice.
The surety bond form must be acknowledged by a notary public.
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
- post a surety bond in the proper amount 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 can be accessed via the Additional Resources section of this page.