The Utah Credit Services Organization Guide [2020]

Published: Jun 1, 2020
Utah Credit Services Organization

 

Interested in launching a Utah credit services organization (CSO)? If you want to start this business endeavor, you first need to obtain a registration with the state Department of Commerce. 

The procedure is needed in order to ensure that you are a suitable candidate for conducting activities as a CSO in the state. You have to meet a range of criteria set by the relevant authority.

In the guide below, you can get acquainted with the requirements that you have to fulfill, so that you can start your business. 

Meet the Utah Credit Services Organization Registration Requirements

The Division of Consumer Protection at the Utah Department of Commerce oversees the activities of CSOs in the state. It ensures the compliance of registered CSOs with the Utah Credit Services Organizations Act. Here are the requirements for obtaining a certificate of registration that you have to satisfy.

Business Documents

Your first step is to register your business entity in the state with the Division of Corporations and Commercial Code. If you wish to use a trade name, you also have to register your DBA with the Division. 

In addition, you have to provide the following documents with your application:

  • Personal information about the applicant
  • List the name of all individuals who own or control more than 5% of the organization
  • Information for any individual who is responsible for the day-to-day operation of the organization
  • Disclosure of any administrative, civil or criminal action in any state
  • Detailed outline of the organization’s credit services program
  • Contract, form, sales literature, or other relevant document that will be used by the organization
  • Contract disclosure form

Provide a Credit Services Organization Bond

For the registration process, you have to present a Utah credit services organization bond. It is an indispensable requirement for starting your operations as a CSO. The surety bond provides an extra level of protection for your customers.

The bond amount that you have to obtain is $100,000. You have to provide it in the official bond form of the Division. 

You need to pay a small fraction of it, called the bond premium. It is formulated on the basis of your personal credit score, business finances, and any fixed and liquid assets. If these factors are in good shape, the rates that you can get are between 0.75% to 5%

Want to see the exact price of your credit services organization bond? Fill in the short form below! 

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Complete the Registration Application

Utah Credit Services OrganizationWhenever you have collected all the necessary paperwork, you have to complete the application form. Then you need to mail all the documents to:

Department of Commerce 

Division of Consumer Protection 

160 East 300 South 

SM Box 146704 

Salt Lake City, Utah 84114-6704

Registration Fees

The annual application fee is $250. You have to pay it when submitting your application documents. 

After you’ve completed the application process, you can check your registration from the Division via the Registered Entity Search option on its website. 

 

Do you have further questions about getting your Utah credit services organization registration and surety bond? You can get in touch with us at 877.514.5146.

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John Williams

John Williams

John Williams is currently the Director of Sales for Lance Surety. Since joining the company in 2011, he has served in various roles throughout the organization, working his way up to now managing our team of licensed agents. As a licensed property & casualty agent, John has become extremely knowledgeable in all facets of the surety industry, including commercial, court and contract bonds. Under his leadership, John’s team has helped thousands of businesses throughout the country meet their license and bonding requirements.