Texas Consumer Debt Management Services Bonds
SB 141/HB 1222: License Bond – Debt Management Service Providers
This will enact the uniform Debt Management Services Act of the National Conference of Commissioners on Uniform State Laws. Debt management service providers must register and post a $50,000 surety bond through this bill. The amount of the bond is determined by the Consumer Credit Commissioner basing the amount on certain conditions of the provider. The surety company issuing the bond must be “A” rated from a nationally recognized rating service and must be licensed in that state. The bond was created for the states benefit and individuals who enter into agreements with the provider. The bond will need to be in effect for an additional two years after the registrant stops performing debt management services in Texas.
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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.
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