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How Much Does an Ohio Credit Services Organization Bond Cost?
The cost of an Ohio credit services organization bond is between $500 and $5,000. The required bond amount is $50,000. Instead of paying the full amount to meet the state’s requirement, however, you can buy our bond from a surety company by paying a bond premium.
As a trusted surety company authorized to sell bonds in Ohio, we are your complete source for all of your bond needs. Our bond premium rates range from 1% to 10%. The rate is based on your financial strength, credit scores and professional credentials. More than 99% of our valued customers qualify for the bond they need.
Applicants with all credit scores are considered. Those who have a 700 credit score or higher receive a 1% to 3% bond rate. If you apply for a credit services organization bond with this credit score, your bond cost will be between $500 and $1,500
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Surety Bond Cost Based on Credit Score |
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|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Ohio Credit Services Organization Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
How to Get an Ohio Credit Services Organization Bond
1. Apply For Your Bond
Buying your credit services organization bond is quick and easy with our three-step process. To get started, fill out the brief online application, it only takes a couple of minutes.
2. Get Your Bond Quote
All applications are reviewed promptly, and many of our customers benefit from receiving an immediate bond quote. However, an in-depth review of more complicated applications may be necessary. For these situations, we provide a quote within 48 hours.
3. Buy Your Bond
To complete our easy process, pay your bond premium using our convenient online portal. As soon as your payment is received, your bond will be prepared. We will email the bond to you for fast delivery, and we are happy to mail it to you upon request.
Our bond specialists are available to help you with your application and purchase. For assistance, please contact us online or by phone at (877) 514-5146 today.
Apply for a free no-obligations quote on your surety bond!
Credit Services Organization Bond Requirements in Ohio
The Ohio Credit Services Organization Act mandates registration for all credit services organizations. One of the requirements for registration is a $50,000 surety bond. This bond must remain in effect as long as the business operates and for two years after the business activities end.
The bond obligee is the State of Ohio. This is a continuous bond that remains effective until it is canceled. To cancel the bond, the surety is required to provide a 30-day written notice to the Division of Financial Institutions at the Ohio Department of Commerce.
While the bond remains active until canceled, the bond premium is due annually. To help you avoid cancellation, we will be in touch with you each year prior to the payment due date with updated payment instructions.
How to Get Your Credit Services Organization License in Ohio
To run a credit services business, you must register with the Ohio Department of Commerce Division of Financial Institutions. Upon approving the registration application, the Division of Financial Institutions will provide you with a certificate of registration. To apply for registration, provide the following items:
- Registration application
- Name and address of all business owners with 10% ownership or greater
- $100 fee
- Surety Bond form
- Disclosure of unresolved complaints and litigation or a notarized statement attesting to no current litigation and complaints
- A copy of the customer service contract with evidence files
- A named registered agent
- Background investigation
If you have questions about the registration requirements for a credit services organization bond in Ohio, contact:
Ohio Department of Commerce
Division of Financial Institutions
77 South High Street, 20th Floor
Columbus, OH 43215
Phone: (614) 728-8400
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What Our Clients Have To Say?
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!
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!
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!
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!
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!
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!
