Litigation funding companies in licensing and registered by the Department of Financial Regulation. Your application and filing of your surety bond are facilitated through NMLS, the Nationwide Mortgage Licensing System.
The Department defines a litigation funding company as, “Any company who engages in the business of entering into a nonrecourse transaction in which the company purchases and a consumer assigns to the company a contingent right to receive an amount of the potential net proceeds of a settlement or judgment obtained from the consumer’s legal claim.” [italicize ours]
In Vermont, a licensed litigation company is required to obtain a minimum $50,000 surety bond.
The Commissioner has the right to increase that surety amount to any one litigation funding company.
To be approved for the $50,000 Vermont litigation funding bond, good credit is required, and the standard approval rate is 2%, $1000 annually.
When you call us, we’ll begin the surety bond application with you over the phone, but you will need to complete the application by signing it and returning it to us.
As part of the underwriting process, a credit inquiry is required. Surety agencies use “soft inquiries” which have no effect on your underlying score.
Once approved and once the premium is received, our agency will file it on your behalf to NMLS.
Once issued, your Vermont litigation funding bond is active for one year from the date of issuance and will renew annually.
At renewal time, you’ll likely receive an email with the ability to go online and make your renewal payment.
The purpose of this surety bond is to serve as a financial, legally binding guarantee of your compliance with Title 8, Chapter 74, Vermont Statutes Annotated, as amended.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, probate, and other surety bonds in Vermont and nationwide.
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