Maine Barbering and Cosmetology Bond
AmeriPro Surety Bonds | 844-589-9732
Maine — The way life should be…
Maine Barbering and Cosmetology School License
Barbering and cosmetology schools in Maine are licensed and regulated by the state’s Professional & Financial Regulation department.
A condition of licensing for these schools requires you to furnish a surety bond according to the following parameters:
- The surety bond amount is the GREATER of $20,000;
- OR, 10% of the gross receipts from tuition received in the prior 12 months before renewal of a license;
- But, new/first time licensees are only required to obtain a $20,000 surety bond.
Qualifying and the Premium
For any surety bond amount up to and including a $50,000 requirement, our agency offers you the Maine barbering and cosmetology bond with immediate issuance.
What this means for you is that after completing a short surety bond application — which we’ll take from you over the phone — and payment of the premium, 1% of the bond amount up to $50,000, the surety bond is issued to you immediately.
There is no credit check nor review by an underwriter.
The application will ask you the basics— the name that should reflect on your surety application; and also contact information. We’ll also ask you whether your bond is for:
- The Office of Professional and Occupational Regulation;
- Or, as Finance Authority of Maine.
Amounts Greater than $50,000
If applicable, for any surety bond amount greater than $50,000, the difference is that your surety bond application must be first signed by you and “witnessed”; and there is also a personal or business credit review as part of the standard underwriting procedure.
Good credit is required for the barbering and cosmetology surety bond requirement greater than $50,000; upon approval, however, the rate remains 1%.
In either case, once the premium is paid, your surety bond is issued to you. Your surety bond, along with the notarized signature from the Surety and the Power of Attorney (POA) form are sent to you.
Before filing, you’ll have your bond notarized as Principal. Filing is through:
State of Maine
Department of Professional and Financial Regulation
35 State House Station
Augusta, ME 04333
Purpose of Your Surety Bond Requirement
The schools surety bond requirement is a financial guarantee on behalf of your students, and guarantees to them the availability of refunds pursuant to Title 32 §14246(1)(B) of the state’s statutes.
More generally, the bond protects your students against instance of fraud or malfeasance on the part of a licensed Principal.
AmeriPro Surety Bonds is a surety bonds only agency. We provide barbering and cosmetology school surety bonds where required nationwide.
Our agency is also a provider of license and permit surety bonds in all 50 states.
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