Indiana Foreclosure Consultant Bond

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How Do I Get Bonded?

What Is an Indiana Foreclosure Consultant Bond?

Foreclosure consultants in Indiana have to provide a surety bond to the Consumer Protection Division at the Office of the Attorney General. Posting a foreclosure consultant bond is a necessary step for your legal compliance.

The goal of this surety bond is ensure an extra layer of protection for the state and its citizens. It guarantees you will follow all applicable rules. In case you don’t, the bond can provide a reimbursement for harmed parties.

You can think of your surety bond as a three-party contract. The principal is your foreclosure consultancy that needs the bond. The Office of the Attorney General is the obligee that sets the requirement. The surety provides the bond and backs your company.

Questions about Foreclosure Consultant Bond in Indiana

In which cases do I need to get bonded?

All credit services organizations in Indiana, which includes foreclosure consultancy businesses, have to provide a $25,000 surety bond. It has to be presented to the state Office of the Attorney General in the official bond form. The bond ensures your compliance with Chapter 15, Article 5, Title 24 of the Indiana Code.

What are the bonding costs?

The bonding requirement for Indiana foreclosure consultants is $25,000. The surety bond cost that you have to cover is calculated on the basis of this bond amount. It represents a small fraction of it, referred to as the bond premium.

The premium is determined by examining your personal and business finances. By checking your credit score, company stats, and assets or liquidity that you showcase, your surety can assess how risky it is to get you bonded. The price you’ll pay can be as low as 1% to 5% of the bond amount if your overall profile is solid.

Surety Bond Cost Based on Credit Score
Surety bond name Surety bond amount Above 700 Between 650-699 Between 600-649 Below 599
Indiana foreclosure consultant bond $25,000 $187.5-$375 $250-$625 $625-$1,250 $1,250-$2,500

* This table provides a ballpark estimate of potential bond costs. Bond pricing can fluctuate over time due to a number of factors. For exact pricing, please complete an application.

Can I get this bond if my finances are problematic?

With Lance Surety Bonds you can get bonded with far-from-perfect finances. We are operating our Bad Credit Surety Bonds program to provide a bonding option for candidates with a low credit score, tax liens, bankruptcies, and civil judgements.

As the bonding risk is higher, the rates are also slightly increased. You can expect a premium in the range of 5%-10%. You can still get a top price with us. We foster close partnerships with numerous A-rated, T-listed surety companies. This allows us to shop around for you and offer you an option that matches your circumstances.

How do I get an Indiana foreclosure consultant bond?

Learn more details on how bonding works in our in-depth How to Get Bonded page.

Have further questions? Our bonding specialists are here to help you. Call us at (877) 514-5146.

What happens in case a party files a bond claim against me?

It’s important to remember that your surety bond does not protect your foreclosure consultancy. Instead, it safeguards the interests of your customers and the general public. You can get a claim against your surety bond if you transgress from your obligations under the Indiana Code and other applicable rules.

The harmed party can ask for a reimbursement of up to $25,000, which is the penal sum of your bond. The surety that bonded you may have to cover the claim costs at first, in order to ensure a quick response for the claimant. You need to repay it in full soon after. This means that avoiding costly and problematic claims is your best course of action.

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About Us

Lance Surety Bonds
Lance Surety Bond Associates, Inc. is a Pennsylvania-based surety bond agency that offers bonding at competitive rates in all 50 states. Established in 2010, our company has grown to become one of the top online bond producers in the country. Working exclusively with A-rated and T-listed bonding companies gives us the confidence to offer a 100% money-back guarantee. read more

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What Our Clients Have To Say?

  • Kimberlee Ables
    Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
  • Andrew Poincot
    Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
  • Margie Martinez
    We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!

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