Texas Debt Management Services Bond |
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Texas Debt Management Services
Debt management services which operate in Texas are regulated by the OCCC, which is the Texas Office of Consumer Credit Commissioner.
This Department is also the obligee, that is, this Department is the entity requiring the surety bond requirement for licensed consumer debt management services operating in the state.
Texas Debt Management Services Bond: Required By Law
Title 5, Chapter 294 is where the surety bond requirement for Texas debt management services can be found.
Texas Debt Management Services Bond: The Amount Required
The Texas debt management services bond required for the issuance and maintenance of the license is as follows:
For first-time applicants, the surety bond required will be:
- A minimum amount of $25,000, but not more than $100,000;
- An amount determined by the Commissioner of the Department, subject to the minimum and maximum amounts rated above.
If the applicant does not hold funds used to pay creditors, than the surety bond amount required is:
- $50,000 surety bond.
If the applicant is an existing business, the bond required is the average of the daily balance of the debt management’s services trust account for Texas consumers over the prior 6 months before the bond was issued.
Texas Debt Management Services Bond: Duration and Changes
Debt management services company in the state are required to maintain the surety bond to run concurrently with the state-issued license.
According to the same rules, the surety bond amount may be adjusted upon renewal.
Texas Debt Management Services Bond: Premium Required
The premium required for the issuance of this bond will depend on the:
- The dollar amount of the surety bond;
- The applicant’s credit score.
Three examples may serve to give you a ballpark figure of what the debt management services bond may cost for applicants with acceptable credit:
- $25,000 surety bond – $500/yr;
- $50,000 surety bond – $1,000/yr
- $100,000 surety bond – $2,000/yr
Again, we emphasize that the price a given applicant may be more than quoted.
This is for illustrative purposes only.
Getting Licensed as a Texas Debt Management Service:
Besides the surety bond requirements, to be licensed in Texas as a debt management service provider involves:
- An application;
- The proper application registration and investigation fees (the application will not be processed without this);
- Providing the Commissioner with a list of office locations.
AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bonds-only agency whose goal is to ensure that our customers have an easy and professional surety bond experience.
AmeriPro Surety Bonds provides contractor, license and permit, court, and fiduciary bonds throughout Texas.
We also provide surety bonds nationwide.