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