West Virginia Credit Services Organization Bond Guide
If you’re applying for a credit services organization license in West Virginia, you’ll need this surety bond.
Bond Overview
- Purpose: To ensure credit services providers operate ethically and legally
- Who Needs It: Credit services organizations in West Virginia
- Regulating Body: The Secretary of State, Business and Licensing
- Required Coverage: $15,000
- Premium Rate: $225 for a 1-year term
Learn all about the bond requirements and process in this guide.
What Is a West Virginia Credit Services Organization Bond?
A West Virginia credit services organization bond protects credit services customers from fraud and misconduct. It provides a financial guarantee that the organization will follow all state laws.
How Much Do Credit Services Organization Bonds Cost?
A $15,000 West Virginia credit services organization bond costs a flat rate of $225 for a 1-year term. Or, you can save 25% by selecting a multi-year term.
Click below to buy your bond in minutes!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Credit Services Organization Bond?
The West Virginia Secretary of State requires this bond as part of the licensing process for credit services organizations (CSOs) in the state.
A CSO improves a customer’s credit record, history, or rating, gets an extension of credit, or provides advice to a customer. The credit service organization registration requirement includes credit companies as well as first and second mortgage brokers and lenders.
How Do I Get My Bond?
With SuretyBonds.com, you can buy your West Virginia credit services organization bond instantly online. Just enter your information and checkout in minutes.
We’ll mail you the bond via your preferred shipping method. Be sure to file it with the Secretary of State as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a West Virginia CSO Bond Work?
A credit services organization bond creates a legal contract between these three parties:
- Principal: You, the CSO owner filing the bond
- Obligee: The West Virginia Secretary of State requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of West Virginia Code §46A-6C.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you must ultimately refund the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your credit services organization bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
