South Carolina Credit Counseling Bond |
AmeriPro Surety Bonds | 844-589-9732
Our agency is no longer a market for this surety bond.
Credit Counseling Companies – South Carolina
The South Carolina Department of Consumer Affairs is the regulatory bond charged with the overseeing credit counseling companies.
As stated on the state’s website, credit counseling in South Carolina includes:
- Credit repair;
- Taking money from consumers to satisfy creditors;
- Negotiating debts for consumers with creditors.
To be licensed as a credit counseling company, you are statutorily required to purchase a surety bond and file it with the Department. Our agency works to find you the fairest surety bond pricing.
Amount of Surety Bond Required – Qualifying – Premium
According to § Section 37-7-103 of South Carolina statutes, the surety bond amount is:
- A minimum amount of $25,000 surety bond;
- Or, equal to the amount of amount of client funds held in your trust account at the time of the renewal of the license;
- Or, in an amount as determined by the Department as a condition of licensing.
Qualifying involves completion of a surety bond application and a credit score inquiry. Surety bond agencies – not only our own but others as well – use “soft inquiries” which will not adversely impact your credit score.
We also offer you the option to have the bond issued instantly and with no credit check at all for amounts up to $50,000; however, you do pay a slightly higher premium.
Typically the bond premium is between 1 to 1.5% of the surety bond amount required.
The Bond Term
Once issued, the South Carolina credit counseling surety bond is active for one year from the date of issuance, thereafter, the bond is renewed.
Since the licensing cycle for a credit counseling business runs from September 1st through December 1st, you may wish to have your bond run for an annual term for any between those months; however, our agency does not require that you do so.
Purpose of the Surety Bond Requirement
The credit counseling surety bond is required for the protection and benefit of consumers. The bond serves as a financial guarantee that all money collected will be able to be accounted for if required. It is also for the benefit for the State of South Carolina and any consumers who may have a cause of action against a credit counseling business.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout South Carolina.
Our agency also provides surety bonds nationwide.
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