Indiana Credit Service Organization Bond | AmeriPro Surety Bonds
Credit Services – Indiana
Both Indiana credit services organizations and Indiana foreclosure companies must register with the Secretary of State and file the appropriate surety bond.
AmeriPro Surety Bonds offers this surety as both a first time and renewal bond. This bond is also referred to as an Indiana credit services bond.
Indiana Credit Services Bond: Amount of Premium and the Cost
The Indiana credit service organization bond is a $25,000 surety bond required of your foreclosure and/or credit repair (sometimes referred to as a ‘credit services organization’ company’) business.
Our agency offers the Indiana credit services surety bond as an instant issue bond.
This means that there is no credit check involved in its purchase.
You will just need to do the following:
- Complete the surety bond application
- Pay the appropriate premium.
The pricing (or premium) breakdown is as follows:
- $375 for one year;
- If prepaid for 2 years, the premium cost is $675;
- If prepaid for 3 years, the premium cost is $975.
Penalties for not having a Credit Service Surety Bond
According to the state’s own website, having a surety bond in place before offering credit repair or foreclosure help services in Indiana is mandatory; and failing to do so subjects you to fines, fees, penalties, and other remedies.
Subsequent to filing your bond, your company name will be included on the list of companies who have complied with this law.
The Purpose of this Bond
Your Indiana credit service organization bond is a financial guarantee which ensures your compliance with all laws and rules regarding credit repair and foreclosure consulting.
Specifically, this bond ensures your compliance with Indiana Code 24-5-15.
As the principal for this surety bond, you will lawfully be obliged to indemnify the surety for any claims paid against your bond; except that, with the exception of costs and attorneys fees, the total aggregate liability will not exceed the value of the surety bond.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, court, and fiduciary bonds throughout Indiana and nationwide.
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