Iowa Delayed Deposit Services Bond |
AmeriPro Surety Bonds | 844-589-9732
Delayed Deposit Services – Iowa
The delayed deposit services profession is defined by the state of Iowa as someone who, for monetary compensation:
- Accepts a postdated check;
- Accepts a check with the current date but holds it for a period of time in agreement with the person who wrote the check.
A requirement for licensing with Iowa is that a delayed deposit services business obtain a $25,000 surety bond. Meeting the surety bond requirement is easy and will take a few short minutes of your time.
Qualifying and the Premium
Qualifying for the $25,000 Iowa delayed deposit services bond is done by completing an application — which we’ll take from you over the phone — and paying the premium of $188.
In other words, there is no credit check nor underwriter review for this bond; you are automatically approved.
Once the premium has been paid, the bond is issued to you immediately. At your request, a copy of your bond can be emailed to you. The original bond, which you will also sign as Principal, will be mailed to you the following business day.
It is ideally the original surety bond along with the Power of Attorney that you will file with the state.
Duration of Your Surety Bond
At $188, your delayed deposit services surety bond is issued for a standard one year period. Thereafter the bond renews. The bond can also be prepaid for up to 3 years, thereby offering you a savings over year to year renewal of the premium.
The premium prepayment options and savings are as follows:
- If prepaid for 2 years, the premium is $338, a $38 savings;
- If prepaid for 3 years, the premium is $489, a $75 savings.
Purpose of Your Surety Bond Requirement
Your surety bond is a financial guarantee of your compliance with Iowa Code Chapter 533D. The bond also serves as a guarantee that you will:
- Promptly pay any judgments rendered against you in connection with your license;
- And recompense any losses to the state of Iowa or to any resident of Iowa for any violations of Chapter 533D.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Iowa.
Our agency also provides surety bonds nationwide.
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