California 643P Surety Bond
AmeriPro Surety Bonds | 844-589-9732
California 643P Surety Bond; Purpose
The California 643P surety bond is a requirement of the California Department of Real Estate. This bond is required to comply with Regulation 2812.4, Chapter 6, Title 10, of the California Code of Regulations.
The regulation stipulates that funds received for benefit of an Association will be used solely for that benefit and reason. Thus, the 643P surety bond, while required of a Subdivider, is for the benefit and for the protection of the Association.
Moreover, the regulation indicates that money received cannot be used to pay or offset the Subdivider’s obligation to any issuers, if this latter is applicable.
Qualifying and the Premium
Applicants for the California 643P surety bond will be provided a short surety bond application. Depending on the amount of the surety bond (typically for large surety bonds — $100,000 and above) — you may also be asked to provide a financial statement.
Acceptable financial statements include business/personal tax returns, and bank statements dating back several months.
Upon submission of your application, and any supporting documentation (if the latter is required), there is an underwriter review.
The underwriter review includes a standard business or personal credit check inquiry.
To be approved for the California 643P surety bond, good credit will be required. Our agency will not be able to get your surety bond approved otherwise.
Upon approval, the rate offered is 1.5% of your surety bond amount. Your bond will be issued for a standard one year term.
After payment of the premium, our agency issues your bond to you immediately. Along with your surety bond, you will be sent a Power of Attorney form.
Once received by mail, you’ll file all documents received with the appropriate California DRE department.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, probate, and other surety bonds in all 50 states; we also provide surety bonds in Washington D.C.
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