What Is a Maryland Surety Bond?
Just like in all states, a variety of Maryland businesses need to obtain a Maryland surety bond, so that they comply with state or local regulations. This gives them the right to operate legally in a certain trade or project.
Surety bonds aim to safeguard the interests of citizens, and the state, from any misuse and fraud on the side of businesses and individuals in certain roles. The bond functions as a contract between three parties. The principal is the entity that has to get bonded, the obligee is the authority that asks for this, and the surety is the provider of the bond backing.
There are various situations in which you might be required to post a Maryland surety bond. Still, there are three main types of bonds that you will encounter:
If you need to obtain a professional license for operating as a mortgage broker, motor vehicle dealer, freight broker and the like, in most cases you will have to supply a license bond. It guarantees that you will follow the laws that regulate your trade.
Construction contractors bidding on private or public projects are required to post different kinds of contract bonds. They safeguard the interests of the project owner, by guaranteeing timely completion and ensure the quality of the work.
More rarely, a Maryland court might require that you obtain a court bond. The typical situations you would need one is if you are appealing a judgment in front of an appellate court or you need to take over the finances and affairs of another person, i.e. to become a fiduciary.
You can locate the correct Maryland surety bond that you have to post in the list just below, which contains the most common surety bonds in the state. Alternatively, you can see the table at the end of the page with all Maryland surety bonds.
If you have trouble finding the bond you need, we’re here to help. Just give us a call at (877) 514-5146.
Most Popular Surety Bonds in Maryland
Want to start an auto dealership in Maryland? You’ll need an auto dealer bond. Your bond amount will depend on the type of license and the number of vehicles you want to sell.
If you want to run a collection agency in Maryland, you will need to post a bond that will guarantee your proper handling of funds.
About to start your mortgage brokerage in the state? You will need to get a mortgage broker bond in the range of $50,000 to $150,000.
Maryland freight brokers, just like all brokers in the U.S., are required to post a $75,000 freight broker bond.
In certain cases, the Maryland Higher Education Commission will require you to post a Institution of Postsecondary Education Bond, or a Private Career School Bond.
Lottery agencies in Maryland need to post a bond in an amount based on the lottery tickets sold. It guarantees due payment of all taxes and fees.
All parties that want to register with the Maryland Automobile Insurance Fund as automobile insurance fund producers have to obtain a $10,000 surety bond.
Questions about Surety Bonds in Maryland
How much does a Maryland surety bond cost?
To understand how much you’ll need to pay for your Maryland surety bond, let’s look at the way your surety bond cost is formulated.
First of all, it is linked to the surety bond amount you are asked to post. This can be a fixed amount across the U.S. or a specific amount in your state or local area. In some cases, the amount is decided on an individual basis.
Your actual bond price is only a fraction of this amount. This is called the bond premium. Usually, for standard bonding it is between 1% and 4%.
Your exact percentage is determined on the basis of your personal and business finances. When you apply for a bond with your surety, it needs to examine these stats and evaluate how risky of a candidate you are. If your personal credit score is high and your financial situation is stable, you are likely to pay less for your bond, as getting you bonded would not pose a high risk.
Can I get a Maryland surety bond with bad credit?
Getting bonded in Maryland if you have problematic finances can be a daunting task. Here at Lance Surety Bonds, we have extensive experience of bonding a wide variety of businesses and we’re well aware of the challenges. This is why we offer our Bad Credit Program.
For applicants with low credit score, tax liens, bankruptcies, or civil judgments, we offer slightly increased bonding premiums. They are in the range of 5%-15% and compensate for the higher risk involved. Nevertheless, getting bonded with Lance Surety Bonds means you’re guaranteed to get a top bonding price. We work with numerous A-rated, T-listed surety companies, and we’ll always select the best bonding option for your particular circumstances.
How to get bonded in Maryland
Getting your Maryland surety bond has never been easier! You can apply online today for a free bond quote - no obligations!
Once you’ve compiled the full list of required documents and submitted them to us with your application, we will get your exact bond price in no time.
Whether you have a question about the bonding process or about your bond application, our bonding specialists are available to help. Just call us at (877) 514-5146.
If you need a full overview of how bonding works, make sure to consult our How to Get Bonded page.
Find Your Maryland Surety Bond
|Contractor License Performance & Payment (Local) Bond||Montgomery County Performance Bond||Montgomery County Maryland Dept of Permitting Serv||Apply Now|
|Contractor License Performance & Payment (Local) Bond||Storm Water Management Bond||City of Takoma Park||Apply Now|
|Contractor License Performance & Payment (State) Bond||Home Improvement Contractor||Home Improvement Commission||Apply Now|
|Contractor License Performance & Payment (State) Bond||Home Improvement Contractor's Bond||State of Maryland||Apply Now|
|Excess Weight, Other Highway & Street Permit Bond||Hauling Performance Bond||MD Motor Carrier Division||Apply Now|
|Investment Advisor (Blue Sky) Bond||Investment Advisor||Securities Commissioner||Apply Now|
|Collection Agency Bond||Collection Agency||Commissioner of Financial Regulation||Apply Now|
|Debt Consolidators Bond||Licensee Surety Bond Credit Service Business||Commissioner of Financial Regulation||Apply Now|
|Debt Consolidators Bond||Debt Settlement Services Registration||Commissioner of Financial Regulation||Apply Now|
|Professional Fund Raisers Bond||Professional Solicitors & Public Safety Solicitors||State of Maryland||Apply Now|
|Insurance Agents/Brokers Bond||Automobile Insurance Fund Producer||Maryland Automobile Insurance Fund||Apply Now|
|Insurance Agents/Brokers Bond||Insurance Administration Insurance Advisor||MD Insurance Commissioner||Apply Now|
|Insurance Surplus Lines Brokers Bond||Surplus Lines||Maryland Insurance Administration||Apply Now|
|Insurance 3rd Party Administrator Bond||3rd Party Administrator Bond||Maryland Department of Insurance||Apply Now|
|Mortgage Broker (1st & 2nd Mortgages) Bond||Mortgage Broker||Financial Reglation Commissioner, Maryland Dept of||Apply Now|
|Mortgage Lender/Banker (1st & 2nd Mort.) Bond||Mortgage Lender||Commissioner of Financial Regulation||Apply Now|
|Title Insurance Agents & Escrow Officers Bond||Insurance Administrator Title||Maryland Insurance Administration||Apply Now|
|Auto & Mobile Home Dealers (New & Used) Bond||Vehicle or Trailer Dealer Bond||Motor Vehicle Administration||Apply Now|
|Auto & Mobile Home Dealers (New & Used) Bond||Boat Dealer||Dept of Natural Resources, Licensing & Registratio||Apply Now|
|Auto & Mobile Home Dealers (Used Only, No New) Bond||Vehicle or Trailer Dealer||Motor Vehicle Administration||Apply Now|
|Motor Vehicle (Non-Dealer, Not Listed) Bond||Title Service Agent||Motor Vehicle Administration||Apply Now|
|Motor Vehicle (Non-Dealer, Not Listed) Bond||Boat Dealer Bond||Dept of Natural Resources Licensing & Registration||Apply Now|
|Motor Vehicle (Non-Dealer, Not Listed) Bond||Motor Vehicle Manufacturer||State of Maryland||Apply Now|
|Motor Vehicle (Non-Dealer, Not Listed) Bond||Credit Hauling Bond||State Highway Administration||Apply Now|
|Motor Vehicle (Non-Dealer, Not Listed) Bond||Motor Vehicle Repair Facility License||Prince George's County||Apply Now|
|Health Spas/Health Clubs Bond||Health Club||Consumer Protection Division||Apply Now|
|Employment Agencies Bond||Employement Agrency License||Dept. of Labor, Licensing & Regulation||Apply Now|
|Professional Licenses (All Other) Bond||Wholesale Distributor Surety||Maryland Board of Pharmacy||Apply Now|
|Professional Licenses (All Other) Bond||Private Finger Printing Provider||Department of Public Safety and Correctional Servi||Apply Now|
|Professional Licenses (All Other) Bond||Broker / Aggregator Bond||Maryland Public Services Commission||Apply Now|
|Professional Licenses (All Other) Bond||Franchisor Bond||Securities Division||Apply Now|
|Professional Licenses (All Other) Bond||Wholesale Distributor Bond||Maryland Board Of Pharmacy||Apply Now|
|Professional Licenses (All Other) Bond||Towing Service License Bond||Prince George's County, Maryland||Apply Now|
|Schools (All) Bond||Institution of Postsecondary Education||MD Higher Education Commission||Apply Now|
|Schools (All) Bond||Surety Bond of Information Requestor Driver/Vehicl||MD Motor Vehicle Administration||Apply Now|
|Schools (All) Bond||Schools (All) Bond||MD Higher Education Commission||Apply Now|
|Schools (All) Bond||Driver Education Program||Motor Vehicle Administration||Apply Now|
|Schools (All) Bond||Private Career School||Maryland Higher Education Commission||Apply Now|
|Schools (All) Bond||Private Career School Bond||Maryland Higher Education Commission||Apply Now|
|Alcohol (Manufacturers, Warehouses, Wholesalers) Bond||Beer (Non Resident or Resident Dealer Bond||State of Maryland||Apply Now|
|Alcohol (All Others) Bond||Direct Wine Shipper Bond||Comptroller of MD - Revenie Administration Div.||Apply Now|
|Alcohol (All Others) Bond||Wine and Liquor Bond||Comptroller of MD - MATT Reg. Division A&T||Apply Now|
|Cigar/Cigarette & Tobacco Tax Bond||Other Tobacco Products (OTP)||Comptroller of Maryland||Apply Now|
|Fuel Tax (All Others, Sellers & Users) Bond||Motor Fuel Dealer, User, Seller Bond||Comptroller of Maryland||Apply Now|
|Utility Deposit Bond||Baltimore Gas & Electric Utility Bond||Baltimore Gas & Electric||Apply Now|
|Wages & Fringe Benefits Bond||Local Union No. 24 - Electrical Workers, AFL-CIO||Local Union No. 24 Intl Brotherhood of Elec.Worker||Apply Now|
|Wages & Fringe Benefits Bond||Maryland Electrical Industry Funds||Maryland Electrical Industry Funds||Apply Now|
|Wages & Fringe Benefits Bond||Voice - Data - Video National Agreement Bond||International Brotherhood of Electrical Workers||Apply Now|
|Wages & Fringe Benefits Bond||Plumbers and Steamfitters Local 486 Joint Administ||Plumbers and Steamfitters Local 486 Joint Funds Ad||Apply Now|
|Wages & Fringe Benefits Bond||Payment of Employee Benefit Contributions and Wage||MARYLAND PLUMBING & PIPEFITTING||Apply Now|
|Wages & Fringe Benefits Bond||Wage Payment Bond (IBEW Local 26)||IBEW Local 26||Apply Now|
|Wages & Fringe Benefits Bond||Employer's Wage, Expense, Welfare and Pension Fund||International Association Heat & Frost Insulators||Apply Now|
|Fringe Benefits Only Bond||Guaranteed Payment Bond (Local 26 IBEW-NECA)||IBEW Local 26||Apply Now|
|Lottery Bond||Lottery/Lotto||Maryland State Lottery Agency||Apply Now|
|Money Transmitter Bond||Global Express Money Orders Inc. Indemnity Bond||Gloabl Express Money Orders, INc.||Apply Now|
|Telemarketing/Phone Solicitor Bond||Surety Bond for Professional Solicitors & Public S||State of Maryland, Office of the Secretary of Stat||Apply Now|
|Telemarketing/Phone Solicitor Bond||Door to Door Solicitor License Performance Bond||Prince George's County||Apply Now|