A credit services organization is a business used to assist someone in repairing their credit report, history, or score by charging them a fee and can also help with delaying a mortgage's foreclosure or other security agreements. The are several requirements for licensure and are often required to have a surety bond, which ensures the organizations conduct business lawfully and ethically! A credit service organization bond is a surety bond used to protect customers' financial interest if the credit service organization does not comply with the agreed services. Claims against this bond may occur due to failure to perform contractual services, misrepresentation, fraudulent credit record actions, improperly receiving money for services, and more!
If you'd like information, forms, or applications for a Florida Credit Services Organization Bond, please contact one of our surety specialists or fill out our bond request form online. Contact us today! One of our experienced surety agents will happily walk you through each step of our simple and easy bonding process.
Each state has different requirements and a different bond form. In Florida, the required bond amount is $10,000. Typically, the amount the principal pays will be 1% of the total bond amount, which is $100.
The State of Florida Department of Banking and Finance requires credit service organizations to furnish a surety bond in the amount of $10,000. The bond is required if the principal (the credit services organization) wishes to charge or receive compensation for their services before completion. Not only is a surety bond required, but according to Chapter 817.7005 of the 2021 Florida Statutes, a trust account must also be established at a federally insured bank or a savings and loan association located in Florida.
A credit service organization bond remains in full effect until it is canceled. The surety company may cancel the bonds within 30 days of written notice. These Florida bonds renew every year and are subject to a soft credit pull before a renewal fee.
To become bonded as a Credit Services Organization, you will need the assistance of our trustworthy, experienced surety bond company. After submitting a completed application, our surety agents will process your application and move forward with underwriting the bond.
Whether you are looking for a Florida credit services organization surety bond or any other type of surety bond, The ProSure Group helps you find the right surety bond quicker & easier. Our goal is to provide you with simple and efficient service so you can focus on your business while we make sure your suppliers are dependable. Contact The ProSure Group today to request a free bond quote!
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