Maryland Resident Personal Funds Bond
AmeriPro Surety Bonds | 844-589-9732
Surety Bond Purpose; Amount
Nursing facilities in Maryland are required to obtain a resident personal funds bond in accordance with Section 10.07.09.18 of Maryland’s legislative code.
While this surety bond names the state of Maryland as the obligee (i.e. that is, the entity which requires surety), the protection and benefit is for your patients.
Your surety bond serves as a financial guarantee that all patient funds entrusted to your nursing facility will be used in accordance with the law; that you will provide an accounting of the funds as required or requested; and that, more generally, you will only act in the interests of the patients whose funds have been entrusted to your facility.
The amount of surety required, at least, should be sufficient to cover all patients’ funds deposited with your facility; however, you may wish to confirm amounts with the Maryland Department of Health.
Qualifying and the Premium
Our agency provides you with the Maryland resident personal funds bond in the amount that you are required to purchase. Up to a $50,000, we provide you with this bond without a credit check.
Amounts greater than $50,000 require a signed and completed surety bond application. There is also an underwriter review. This review includes a credit check inquiry. To be approved for amounts greater than $50,000, good credit is required.
Upon approval of your resident personal funds bond and payment of the premium, our agency issues your bond to you immediately.
Your surety bond and a Power of Attorney form will be sent to you for signing and filing. The address you will file surety bond documents to is:
Maryland Department of Health and Mental Hygiene
Metro Executive Center
4201 Patterson Avenue
Baltimore, Maryland 21215
Term Of Your Bond
Your surety bond is issued for a term of one year and thereafter must be renewed with the amount required at the time. Adjustments for surety bond amounts can also be made within the term of your existing bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, Court, probate, and other surety bonds in Maryland and all 50 states.
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