California Invention Developer Bond
AmeriPro Surety Bonds | 844-589-9732
Invention Developers Licensing
Licensing and regulating of California invention developer entrepreneurs is overseen by the Secretary of State.
To be in compliance with state law, a surety bond is required. There are one of 2 amounts:
- A $25,000 minimum surety bond;
- OR, 5% of your gross income derived from your invention development business in the state of California earned in the last fiscal year.
Qualifying and the Premium
As an applicant for the California invention developer bond, you are approved for any amount up to and including a $50,000 surety bond requirement.
The approval rate is at 1%; thus, a $25,000 surety bond is $250 annually.
There is also no credit inquiry for any surety bond amount up to $50,000.
Amounts greater than $50,000 require a signed (short) surety bond application; an underwriter review; and a credit check inquiry. Approval for amounts greater than $50,000 is contingent upon good credit; and the rate remains 1% of the bond amount required.
Regardless of the amount required, upon approval of your bond and payment of the premium, it is issued to you immediately.
Receipt of the original surety bond in the mail will also include a Power of Attorney form and a notarized jurat. You’ll sign your bond as Principal and file it to:
State of California
Secretary of State
P.O. Box 944225
Sacramento, CA 94244
Premium Prepayment Options
The option exists to prepay your bond’s premium for 2 or 3 years, which will offer you a savings over annual renewals.
This option works best for those who do not anticipate any change in the surety bond amount required from one year to the next.
Applicants who are uncertain whether or not a change in the amount required will likely choose to pay just an annual premium.
Purpose of Your Surety Bond Requirement
Your invention developer surety bond serves as a financial guarantee of your compliance with Section 22370 of the Business and Professions Code, as amended.
The bond guarantees that any money owed to individuals, groups of people, will be paid; and that any unlawful acts by a licensed invention developer or any employees, contractors, or agents performed in the court of business activities will be paid as well.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and probate surety bonds in all 50 states and Washington D.C.
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