Payroll processing companies in Maine are required to be licensed by the state’s Department of Professional & Financial Regulation. As a condition of licensing, a surety bond is required according to the following parameter:
The minimum surety bond amount required is $50,000; and the maximum surety bond amount is no greater than $500,000.
Determining the amount required, however, is according to a formula which is as follows:
Applicants for the $50,000 Maine payroll processor bond will be issued this bond by our agency within minutes. This is because there will be no underwriter nor credit check review.
Instead, after completion of a short surety bond application, which we’ll take from you over the phone, and payment of the $500 premium, the bond is issued to you immediately.
For any amount other than $50,000, qualifying is by completion of an application --- which you’ll also need to sign and have witnessed.
There is also a careful review by our surety underwriter. As part of the review, a business or personal credit check is required. Good credit is needed for approval, and the rate is 1% of your surety amount.
After paying the annual premium, a completed surety bond and a Power of Attorney (POA) form are sent to you for filing. Upon receipt, you’ll sign your bond as Principal and file it along with the POA form to:
Office of Consumer Credit Regulation
35 State House Station
Augusta, ME 04333
The purpose of your Maine payroll processor bond is to serve as a financial guarantee of your compliance with 10 Maine Revised Statutes Annotated, Chapter 222, and any future amendments.
The surety bond is a guarantee of proper remittance of any money owed to the state.
AmeriPro Surety Bonds is a surety bonds-only agency which provides surety bonds throughout the great state of Maine.
We are also a provider of license and permit surety bonds in all 50 states.
Please call us today at:
Or, you may fill out the form below and an agent will contact you..