A buying club in South Dakota is statutorily defined as a club whose purpose is to provide its members cooperative services and merchandise.
A condition of licensing with the state is that you provide a $100,000 surety bond. The requirement is as of the state of South Dakota, Business Licensing.
As an applicant for the $100,000 South Dakota buying club bond, you will be required to complete an application --- which we’ll begin with you over the phone --- but which you’ll also need to complete, sign, and have witnessed.
As part of the underwriting process, a business or personal credit check inquiry is required. This will typically take a few hours from the time a completed application has been submitted.
Approval for this bond is based upon good credit, and the premium is 1%, $1000 annually.
Upon approval of your buying club bond and payment of the premium, our agency issues your bond, along with a Power of Attorney (POA) form to you immediately.
Upon receipt by mail, you’ll sign your bond as Principal, filing it along with your POA form to:
State of South Dakota – Business Licensing
500 E. Capitol Avenue
Pierre, South Dakota 57501
At $1000 premium your SD buying club surety bond is active for one year. Thereafter, your bond renews.
Our agency also provides you with the ability to prepay your bond up to 3 years. Prepayment of the premium saves you over annual renewals. Plus, you get to lengthen the time between renewals as well.
The premium prepayment option and savings are as follows:
The purpose of this surety bond requirement is to serve for the benefit of any members of the club who incur a prepayment loss due to:
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court and probate surety bonds throughout South Dakota.
Our agency is also a provider of required surety bonds on a nationwide level.
Please call us today at:
Or, you may fill out the form below and a Surety Agent will contact you...