Maryland Credit Services Business Bond |
AmeriPro Surety Bonds | 844-589-9732
Credit Services – Maryland
Credit services business in Maryland are regulated by the state’s Commission of Financial Regulation. The Commission is the obligee for the surety bond required.
As with many other financial-related businesses, the application and the required surety bond are filed through NMLS, the Nationwide Mortgage Licensing System.
Once purchased, our agency can file the surety bond on your behalf through NMLS.
The Surety Bond Amount and Qualifying
The Maryland credit services business bond is a $50,000 surety bond. The amount of the surety bond increases by an additional $50,000 per Maryland location.
Qualifying is by means of a standard surety bond application and a credit check. For the $50,000 surety bond amount, we may in some instances be able to have your credit services business surety bond approved without a credit score inquiry. Call us for details.
Premium for this Bond and Its Term
The cost of the Maryland credit services business bond will be determined by the amount of the surety bond you require and information your provide on your surety bond application.
The bond is typically active for one year, but in some cases it may be prepaid for up to 3 years.
As an example of pricing, for the $50,000 surety bond amount, a well-qualified applicant may pay as little as:
- 375 for one year;
- If prepaid for 2 years, $675;
- If prepaid for 3 years, $975.
However, we emphasize that the amount you will pay may vary from the example above. Also, in some cases, prepayment of the bond premium may not be available.
The Purpose of this Surety Bond
The purpose of your credit services business bond is to serve as a financial guarantee that you will be in compliance with all rules, regulations and amendments concerning your profession.
Specifically, the bond is a protection for consumers against violations of the MCBSA, the Maryland Credit Services Business Act.
As principal of this bond, you are its guarantor, which means that you be required to indemnify the surety for any paid against your bond, should that occur; however, the aggregate sum total liability does not exceed the bond amount, with the exception of any attorney costs and related fees.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and fiduciary surety bonds throughout Maryland and nationwide.
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