LA Credit Services Organization Bond

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  • You can obtain a Louisiana credit services organization bond online
  • Great bond prices available
  • Problematic finances? Not a problem!

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How Do I Get Bonded?

What Is a Louisiana Credit Services Organization Bond?

For businesses who want to register as credit services organizations in Louisiana, the licensing body is the state Attorney General’s Office at the Department of Justice. A credit services organization bond is one of the main requirements that you have to meet in order to be allowed to run your operations.

In practical terms, the surety bond protects the state and consumers who use your services. If you engage in fraud or misuse while acting as a credit services organization, they can seek a reimbursement by making a claim on your bond.

Just like the rest of Louisiana surety bonds, this bond is a three-party contract. Your credit services organization that needs the bonding is the principal. The Louisiana Department of Justice is the obligee which imposes the requirement. The entity that provides the bond is the surety.

Questions about Credit Services Organization Bonds in Louisiana

Who is required to obtain such a bond?

The Attorney General’s Office of the Department of Justice requires all entities that want to register as credit services organizations, also known as credit repair services providers, to obtain a bond. The amount required is $100,000.

Applicants need to complete the Registration Statement. You also have to provide the bond by using the official surety bond form. It ensures your compliance with the Louisiana Credit Repair Services Organizations Act.

How much does it cost to get a credit services organization bond?

The bond amount that you have to provide as a part of your registration is $100,000. The bond premium that you need to pay, on the other hand, is only a percentage of this amount. The typical rates for applicants with good credit are between 1% and 3%.

Surety Bond Cost Based on Credit Score
Surety bond name Surety bond amount Above 700 Between 650-699 Between 600-649 Below 599
Louisiana credit services organization bond $100,000 $750-$1,500 $1,000-$2,500 $2,500-$5,000 $5,000-$10,000

* 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.

How is your surety bond cost determined? The bond amount is only one of the factors. It also depends on your personal credit score and business financials. Your surety may also want to consider your assets and liquidity, as well as professional experience in the field. The bond price you will get will be lower if your profile is strong.

What if I have problematic finances?

Lance Surety Bonds runs its Bad Credit Surety Bonds program to help out applicants with financial issues. If you have problems such as low credit scores, tax liens, bankruptcies, or civil judgements, you can benefit from this option.

The rates are in the range of 5% to 10% of the bond amount. The higher prices compensate for the increased bonding risk. As we can shop around for you from our numerous A-rated, T-listed surety company partners, we can still get you a great bond price.

How Do I Get Bonded?

Do you want to learn more about the bonding process? You can refer to our How to Get Bonded page, which is an extensive resource on the topic. For any queries, you can call us at (877) 514-5146. Lance Surety Bonds’ specialists will be happy to help you.

What happens when a bond claim occurs?

As your credit repair services bond is not insurance for you, you may get a bond claim in case you fail to follow the law. A customer who has been harmed by any illegal actions on your side can seek a reimbursement of up to the penal sum of the bond, which is $100,000. These may include falsifying of documents, failure to provide contracted services, or knowingly misleading consumers.

To ensure the proper compensation of the claimant, the surety may cover the costs on proven claims at first. You need to repay it fully soon after. Thus, bond claims are to be avoided, as they can lead to grave financial consequences for your organization. They can also be an obstacle for getting bonded in the future.

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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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