What Is a South Carolina Surety Bond?
Many South Carolina individuals and companies need to post a South Carolina surety bond at some point. These bonds are required in order to meet state regulations, or run a legal business.
Essentially, surety bonds function as a protection mechanism for the state and its citizens. They safeguard their interests from fraud and misuse on the side of bonded parties. In practice, bonds are a contractual agreement between a principal, the authority requiring the bond as the obligee, and the bond underwriter, which is the surety.
There are three main types of South Carolina surety bonds. Here’s a brief overview:
- Most business licenses require you to obtain a license bond. Auto dealers, freight brokers, mortgage brokers, and similar other professionals need to post such a bond, which guarantees their legal compliance.
- Construction contractors bidding on projects need to get contract bonds. They guarantee fulfillment of contractual obligations.
- More rarely, a South Carolina court might ask you to obtain a court bond. The typical cases include appealing to a higher court or when acting as a fiduciary.
Ready to start your bonding process? You can find your South Carolina surety bond in the table below. Scroll to the end of the page for the full list of bonds in South Carolina.
If you need help finding the surety bond that you need, we are here to help. Just call us at (877) 514-5146.
Find Your South Carolina Surety Bond
-
Contractor License (No P&P Language) BondRegistered Residential Specialty ContractorResidential Builders Commission
-
Contractor License (No P&P Language) BondSouth Carolina Manufactured HousingSC Dept. of Manufactured Housing
-
Contractor License (No P&P Language) BondContractor License (No P&P Language)Residential Builders Commission
-
Contractor License (No P&P Language) Bond(HVAC, plumber, electrician) Licensed ResidentialResidential Builders Commission
-
Contractor License (No P&P Language) BondService Contracts BondState of South Carolina
-
Investment Advisor (Blue Sky) BondBROKER-DEALER AND INVESTMENT ADVISER SURETYState of South Carolina
-
Investment Advisor (Blue Sky) BondInvestment Advisor (Blue Sky)State of South Carolina
-
Investment Advisor (Blue Sky) BondBROKER-DEALER AND INVESTMENT ADVISER SURETYState of South Carolina
-
Debt Consolidators BondCredit Counseling Organization Special Deposit BonDept of Consumer Affairs
-
Professional Fund Raisers BondProfessional Solicitor'sSouth Carolina Secretary of State
-
Insurance Agents/Brokers BondInsurance BrokerDept of Insurance
-
Insurance Agents/Brokers BondInsurance Broker BondDept of Insurance
-
Insurance 3rd Party Administrator BondInsurance Administrator BondSouth Carolina Department of Insurance
-
Mortgage Broker (1st & 2nd Mortgages) BondMortgage Broker Special DepositDept of Consumer Affairs
-
Mortgage Lender/Banker (1st & 2nd Mort.) BondMortgage LenderState Board of Financial Institutions
-
Mortgage Lender/Banker (1st & 2nd Mort.) BondMortgage Lender Special DepositSouth Carolina Dept of Consumer Affairs
-
Auto & Mobile Home Dealers (New & Used) BondMotor Vehicle DealerDepartment of Motor Vehicles - Dealer Licensing &
-
Auto & Mobile Home Dealers (Used Only, No New) BondMotor Vehicle DealerDepartment of Motor Vehicles - Dealer Licensing &
-
Sport Permits BondProfessional Mixed Martial Arts Promoter BondSouth Carolina State Athletic Commission
-
Health Spas/Health Clubs BondPhysical Fitness Center Deposit BondSouth Carolina Department of Consumer Affairs
-
Detectives BondPrivate Investigation AgencySouth Carolina
-
Employment Agencies BondEmployment AgenciesSC Secretary of State Office
-
Funeral Directors BondPerformance Bond of Preneed Funeral ContractsSouth Carolina Department of Consumer Affairs
-
Professional Licenses (All Other) BondPawnbroker Special Deposit BondSouth Carolina Dept of Consumer Affairs
-
Professional Licenses (All Other) BondWell Driller BondSynergy Business ark; Kingstree Building
-
Professional Licenses (All Other) BondRetail Pistol DealerSLED
-
Professional Licenses (All Other) BondProfessional Licenses (All Other) BondDepartment of Insurance
-
Professional Licenses (All Other) BondContract Security BondSouth Carolina Law Enforcement Division
-
Schools (All) BondCommercial Driver Training School SuretyDept of Motor Vehicles Driver Improvement Office
-
Schools (All) BondNonpublic Postsecondary InstitutionCommission on Higher Education
-
Schools (All) BondCosmetology SchoolState Board Of Cosmetology
-
Cigar/Cigarette & Tobacco Tax BondSTATE TOBACCO TAXSouth Carolina Dept of Revenue Misc Tax Section
-
Fuel Tax (All Others, Sellers & Users) BondState Motor Fuel User Fee BondDepartment of Revenue
-
Miscellaneous Taxes BondRight Of Way BondSC Dept of Trans
-
Games of Chance BondBingo Revenue BondState of South Carolina
-
Utility Deposit BondCommissioners of Public WorksGreenwood, S.C. CPW
-
Utility Deposit BondUtility DepositSCE & G
-
Utility Deposit BondUtility Deposit BondSCE&G
-
Utility Deposit BondSantee Cooper Deposit BondSantee Cooper
-
Telemarketing/Phone Solicitor BondProfessional Solicitor'sState of South Carolina
Frequently Asked Questions
How much does a South Carolina surety bond cost?
Your surety bond cost is set on a case-by-case basis. It is directly linked with the South Carolina surety bond amount that you are required to post. For some types of bonds, the amount is the same across the US. In other cases, it is decided by state or local authorities, or is even set on an individual basis.
What you have to pay to get bonded is a fraction of the bond amount, called the bond premium. It is usually in the range of 1% to 4% if you qualify for the standard bonding market.
Your exact bond price is determined after you apply with your surety. The surety assesses your financial situation by taking a close look at your personal credit score, business finances, and professional experience. If you are considered a low-risk applicant, you can expect a lower bond premium.
Can I get a South Carolina surety bond with bad credit?
Here at Lance Surety Bonds, we know that getting bonded with bad credit can be a rough path. That’s why we designed our Bad Credit Program. Bad credit applicants can still obtain the South Carolina surety bond they need, so bonding is not an obstacle to success.
If you have a low credit score, liens, past bankruptcies or civil judgments, this program is the right one for you. You can expect a bond premium in the range of 5%-15%. The higher price is there to mitigate the increased risk in bonding.
Still, with us you always get top bonding rates for your particular case. We forge close relations with numerous A-rated, T-listed surety companies. This gives us the freedom to locate the right bonding option, no matter your particular circumstances.
How to get bonded in South Carolina?
You can start your bonding process today - no hassle involved! Apply online for a free, no-obligations bond quote. For an exact bond price, make sure to complete a full application with attached paperwork, and we’ll send you an exact bond cost in no time.
If you have any questions, you can call us at (877) 514-5146. We are here to assist you with the bonding process and your application**.
Looking for more information on getting bonded? Our How to Get Bonded page is a great reference guide for all the facts.
Most Popular Surety Bonds in South-carolina
The South Carolina Residential Builders Commission requires that all residential contractors licensed in the state post a bond to ensure compliance with state regulations. There is a $15,000 bond required for Residential Builder/Certificate of Authority, a $10,000 bond for Licensed Residential Specialty Contractors (HVAC, plumber or electrician), and a $5,000 bond for Registered Residential Specialty Contractors.
The South Carolina Securities Commissioner requires a bond to be posted by broker-dealers or investment advisers conducting business in the state. There are $35,000 and $50,000 bond requirements, so principals should check with the Securities Commissioner for their required bond amount.
The Department of Consumer Affairs requires that a mortgage broker deposit and continuously maintain a bond for the use of the State, as well as any consumers who have a cause of action against the mortgage broker. The specific bond amount is determined by the Department of Consumer Affairs.
This bond form is almost identical to that of the mortgage broker bond. The difference is that it is a requirement of the Commissioner of the Board of Financial Institutions. All mortgage lenders must post a bond for the use of the State, as well as any consumers who have a cause of action against the principal. The bond ensures compliance with the Licensing of Mortgage Lenders Act.
This bond must be obtained by a principal and filed with the South Carolina Department of Motor Vehicles in order for them to obtain a dealer or wholesaler license. A $30,000 bond is required of all Dealers and/or Wholesalers not specifically mentioned in the following category. The $15,000 bond is all that is needed for Wholesale Auto Auction, Travel Trailer and/or Motorcycle Dealers or Wholesalers.
The South Carolina Department of Insurance requires brokers to post a $10,000 insurance broker bond.
What Our Clients Have To Say?
