Maryland Debt Management Services Bond |
AmeriPro Surety Bonds | 844-589-9732
Debt Management Services Companies – Maryland
Debt management service companies in Maryland are engaged in the business of credit counseling and debt management.
Such companies are regulated by the Maryland’s Commissioner of Financial Regulation. Filing of licensing, both new and renewal, is accomplished through NMLS, the National Mutlistate Licensing System.
The surety bond, once purchased, can be filed with NMLS by our agency on your behalf.
Surety Bond: Amount and Qualifying
The surety bond amount of debt management services is based upon production levels; that is, the amount of monies collected from Maryland consumers on behalf of debtors.
Up to a $50,000 surety bond amount, our agency offers you the Maryland debt management services bond as an instant issue bond. You will pay 1 ½% of the bond’s amount. There is no credit check involved. Merely complete a standard application, pay the required premium, and the bond will be issued to you immediately.
Two examples: A $10,000 surety bond will cost you $150, annually; a $50,000 debt management services bond will cost you just $750, annually.
Currently, the production levels and the surety bond amount required are as follows:
- $240,000 or less, $10,000 surety bond (instant issue);
- Greater than $240,000 to $600,000, $25,000 surety bond (instant issue);
- Greater than $600,000 to $1.2 million, $50,000 surety bond (instant issue);
- Greater than $1.2 million to $1.8 million, $75,000 surety bond;
- Greater than $1.8 million to $2.4 million, $100,000 surety bond;
- Greater than $2.4 million to $4.8 million, $200,000 surety bond;
- Greater than $4.8 million to $9.6 million, $400,000 surety bond;
- Greater than $9.6 million to $14.4 million, $600,000 surety bond;
- Greater than $14.4 million to $19.2 million, $800,000 surety bond;
- Greater than $19.2 million, $1,000,000 surety bond.
Bond amounts greater than $50,000 will be undergo a standard application with normal underwriting procedures, and typically a business or personal credit check. A current business financial statement may also be requested for surety bonds with higher dollar amounts.
Duration of the Bond:
Once issued, the debt management services bond will be active for one year. In most cases, our agency also offers you the ability to prepay this bond for 2 or 3 years, thereby offering a savings over year to year renewal of the bond premium.
Your Maryland debt management services bond is a financial guarantee that as principal you will be in compliance with all provisions and any future amendments to the Maryland Debt Management Services Act.
The bond protects your customers, the Maryland consumer from wrongful acts committed by a principal, employees, agents, or managers which violates the Act and results in some harm.
As principal of the bond, you must indemnify the surety for any claims paid against your bond; however, the aggregate total, excluding attorney costs and fees, will not exceed the bond’s amount.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and fiduciary surety bonds throughout Maryland. Our agency also provides surety bonds nationwide.
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