What Is an Immigration Consultant Bond?
Certified immigration consultants in the U.S. are required to post an immigration consultant bond, and keep it valid at all times. The bond is required in order to get the certification from the relevant authority in their state of operation. The specific bond amounts vary throughout the states.
An immigration consultant bond functions as a protection for the state and the general public, and does not safeguard your business. Its purpose is to protect your customers seeking immigration consultation from any unlawful actions on your side, such as fraud and misrepresentation of information. Being a certified immigration consultant is a strong sign to people that you are following the law, and will provide them with reliable consulting.
Similarly to other types of surety bonds, an immigration consultant bond is a three-party contractual agreement:
- A principal - your business
- An obligee - the state authority that will certify your consultancy
- A surety - the entity providing the bond.
In case you transgress the state rules that govern your business, an affected party can make a claim on your bond. The consequences are described in the Questions section below.
Questions about Immigration Consultant Bonds in New York
How much does an immigration consultant bond cost in New York?
How much you need to pay for your immigration consultant bond depends on the bond amount you are asked to obtain, plus the overall strength of your finances.
To get bonded, you do not have to pay the full bond amount. You pay only the bond premium, which is a percentage of the total amount. For the standard bonding market, the usual premiums are between 1% and 2.5% for immigration consultant bonds. For a Utah bond this means you’ll need to pay between $500 and $1,250.
How is your bond premium determined? The surety agency takes a close look at your overall finances, paying special attention to your personal credit score. Your assets and liquidity, as well as your professional experience as an immigration consultant are also considered. The stronger your financial and business profile is, the less you will have to pay for your immigration consultant surety bond.
You can consult our surety bond cost guide to get the complete picture of how your bond premium is set.
Can I get an immigration consultant bond with bad credit?
Even if your credit score is far from stellar, you shouldn’t worry about not being able to get bonded. Lance Surety Bonds runs its exclusive Bad Credit Surety Bonds program in order to help applicants with low credit score, tax liens, bankruptcies, or civil judgements, obtain the bond they need to keep their business going.
You are likely to pay a bit higher bond premium, in the range of 5%-10%. This compensates for the higher risk that is involved in getting bad credit applicants bonded.
At Lance, we can offer you the best rates tailored to your specific circumstances, so you’ll never have to pay more than you need to.
Whatever your credit score is, we can be your trusted partner in getting your immigration consultant bond, and running a successful consultancy.
How do I get my New York immigration consultant bond?
Getting your immigration consultant bond with Lance Surety Bonds is a straightforward process. You can apply online, attaching all required documents that accompany your application. You will receive your free bond quote in no time.
Due to our excellent connections with numerous A-rated, T-listed surety companies, we can offer you the top bonding rates for immigration consultant surety bonds across the U.S.
For any questions, you can consult our How to Get Bonded page. If you can’t find the answers you need, don’t hesitate to call us at (877) 514-5146. We will be happy to help with the application process, or offer our expert advice."
How do I renew my immigration consultant bond?
Your immigration consultant bond should be renewed annually or biannually, depending on your state of operation. The renewal usually goes together with renewing your certificate or registration with the state authority.
Getting bonded with Lance Surety Bonds means you don’t need to worry about missing your renewal deadlines. We will send you a notification a few months earlier, and will then contact you via mail, fax and email to make sure you have received the information. This means you’ll have plenty of opportunities to get the renewal done on time, so you can stay compliant and run your certified immigration consultancy.
How are bond claims handled for immigration consultants?
It’s a useful reminder that an immigration consultant bond does not protect your business, but your customers. It guarantees that you will provide them with the right services that they need. Engaging in fraudulent activities or otherwise transgressing the applicable rules can lead to a claim against your bond.
If the claim is proven, this can lead to serious financial consequences for your consultancy. You will have to financially reimburse the affected parties, up to the penal amount of the bond. Your surety will pay at first, but you need to cover all costs afterwards.
Still Have Questions? Check Our FAQ Pages
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