South Carolina Bingo Bond |
AmeriPro Surety Bonds | 844-589-9732
Bingo Licensing – South Carolina
The South Carolina Department of Revenue regulates the licensing of bingo license holders.
The class and type of license that you hold will determine how much bond is required, or if one is required at all.
The classes and categorizations of bingo licenses and the bond amounts required are as follows:
- Class AA- $50,000 surety bond;
- Class B – $20,000 surety bond;
- Class C – $10,000 surety bond;
- Class E – $10,000 surety bond;
- Class F – $10,000 surety bond;
- Promoters, distributors, or manufacturers – $10,000 surety bond;
- Class D – no surety bond required.
Qualifying and the Premium Amount
There is no credit check nor standard underwriting for the South Caroling Bingo Bond (or SC Bingo Revenue Bond as titled by the Department).
What this means is that after completion of an application, and payment of the premium, the surety bond is issued to you immediately for filing.
Premium amounts for each of these bond amounts is just 1% annually. Here is the breakdown with dollar amounts.
- A $10,000 bingo surety bond is $100;
- A $20,000 bingo surety bond is $200;
- The $50,000 surety bond is $500 a year.
Once the surety bond application is completed and the premium is paid, our agency can email you a copy of your surety bond for no additional charge.
The original surety bond will follow in the mail. It is the original bond, which you will also sign, that you will want to have filed.
Premium Prepayment Options
All South Carolina bingo surety bonds are issued with a standard term of one year. Thereafter, the bond must be renewed.
You have the option to prepay your bond for 2 or 3 years. Prepayment allows you a savings over year to year renewal of the surety bond premium, however, no refund will be granted if you terminate your bond before hand.
The breakdown is as follows:
-$10,000 surety bond-
- Prepayment for 2 years is $180 (a $20 savings);
- Prepayment for 3 years is $260 (a $40 savings).
– $20,000 surety bond –
- Prepayment for 2 years is $360 (a $40 savings);
- Prepayment for 3 years is $520 (an $80 savings).
– $50,000 surety bond –
- Prepayment for 2 years is $900 (a $100 savings)
- Prepayment for 3 years is $1300 (a $200 savings).
Purpose of Your Surety Bond Requirement
The bingo revenue bond is a financial guarantee which ensures that the Department will be able to collect any fines, fees, interests and penalties which may be assessed against your business. Such guarantees encompass those who manufacture or distribute bingo cards or for those who sponsor bingo games. This surety bond furthermore guarantees your compliance with Title 12 of the Code of Laws.
AmeriPro Surety Bonds is a surety bonds only agency. We provide license and permit, court, and fiduciary surety bonds throughout South Carolina. Our agency also provides surety bonds nationwide. Please call us for your bingo surety bond at:
Or, you may fill out the form below and an agent will contact you promptly…
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