1 (844) 589-9732

Virginia Debt Management Bond

The Virginia debt management bond is required of credit counselor companies. The bond’s amount is between $25,000 and $350,000 as determined by the Commonwealth. Please call our agency today for the best pricing: 844-589-9732.

Virginia Debt Management Bond |

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Credit Counselors – Virginia

 

 

 

Credit counselors/debt management companies which operate and conduct business in the Commonwealth, whether or not they are domiciled in Virginia, must be licensed by the State Corporation Commission.

One facet of the licensing process is the surety bond requirement. AmeriPro Surety Bonds offers the Virginia credit counseling/debt management bond for your compliance with the Commission.

 

 

 

Virginia Debt Management Bond: Amount Required and the Cost

 

 

 

The State’s Commission will determine potential and renewal licensees the amount of the surety bond required for debt management corporations.

By statute:

The minimum surety bond amount is $25,000;

The maximum bond amount is $350,000.

While the Commission will determine the amount of surety bond you will need to purchase (and our agency will ask for any written documentation received regarding the bond amount, if available), here are some guidelines which will be used to determine the bond amount required:

  • Your financial condition;
  • Your experience in the industry;
  • Your credit counseling company’s capitalization;
  • Your revenue

The Commission may take other information into consideration as well to determine the bond amount you will ppost

Applicants for the Virginia debt management bond will pay an amount that is determined largely by the credit score of the applicant.

For surety bonds which are of a higher dollar amount, the application is more detailed, and there may be more information requested to determine the bond amount (much like the information requested by the Commission – and perhaps more).

The cost for this surety bond will vary based upon the amount required, your history, and credit score.  As a broad general rule, an applicant may pay in the range of 2-4% for this surety bond; however, the amount that any applicant will pay may vary.  Our agency will work to find you the best surety bond pricing.

 

 

 

Duration

 

 

 

Once issued, the bond is active for one year from the date of issuance; thereafter, the bond must be renewed.  If, upon renewal, a new and different amount of surety bond is required, and you have your bond through our agency currently, we will work with you to streamline the re-application process.

 

 

The Purpose of this Surety Bond

The purpose of the Virginia debt management bond is a financial guarantee which ensures your compliance with all laws relating to the operation of a debt management business.

The bond also protects Virginia consumers from the failure to honor written agreements made with consumers. This surety bond is also a guarantee that all funds received from consumers will be properly accounted for and used for the agreed purpose.

 

 

 

About Us

 

 

AmeriPro Surety Bonds is a surety bonds only agency which provides surety bonds throughout the Commonwealth of Virginia.

Our agency also provides surety bonds nationwide.

Please call us today at:

 

 

 

844-589-9732

 

 

 

Or, you may fill out the form below and an agent will call you…

 

 

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AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

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