Kansas Credit Services Organization Bond
AmeriPro Surety Bonds | 844-589-9732
Credit Services Organizations – Kansas
The Office of the State Bank Commissioner licenses and regulates credit services organizations, more commonly known as “credit repair companies” who operate in Kansas. Included in this category are companies which offer debt management services.
Credit services organization owners must submit to:
- a criminal background check,
- pay a $400 licensing fee,
- and obtain a $25,000 surety bond.
Qualifying and the Premium
You are automatically approved for the $25,000 Kansas credit services organization bond. This is because after completing a short surety bond application — which we’ll take from you over the phone — and paying the $250 premium, our agency issues this bond to you immediately.
Note that there is no review by an underwriter nor a credit check; you are immediately approved.
Once the bond is issued, it will be sent to you by the following business day. You will sign your bond as Principal, and our agency will have signed the bond as Surety. Both the surety bond and the Power of Attorney form that we’ll send to you should be filed with the Commissioner.
While the surety bond amount for Kansas credit services organization is $25,000, the Commissioner has the authority to require up to a $1,000,000 surety bond.
Additional Premium Payment Options
At $250 premium, the Kansas credit services organization bond is issued for a standard one year period. Thereafter, the surety bond and the premium renew.
We also offer you the option to prepay your surety bond for up to 3 years. Prepayment of the premium allows you a savings over renewing annually. It also lengthens the time between renewals.
The premium prepayment options and savings are as follows:
- If prepaid for 2 years, the premium is $450, a $50 savings;
- If prepaid for 3 years, the premium is $650, a $100 savings.
Should you require a KS credit repair surety bond in a different amount, premium prepayment options will be available as well.
Purpose of Your Surety Bond Requirement
The bond is a financial guarantee of your compliance with the Kansas Credit Services Organization Act and any amendments to this legislation.
More specifically, guarantees the Commissioner that any expenses or fees levied by them against a credit repair company will be paid; and that any losses to consumers who have been damaged by the failure of a company to comply with the Act will be covered.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Kansas.
Our agency also provides surety bonds nationwide.
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