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- Lance Surety Bonds underwrites all South Carolina surety bonds
- Bad credit program
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What is a South Carolina Surety Bond?
Surety bonds are used in a range of professions and industries in order to guarantee compliance, performance or payment of a specific role. Surety bonds are widely used in the state of South Carolina to protect the state and the public from unscrupulous or illegal business practices.
If you run a business in the state, or offer professional services, you’ll probably need to post a surety bond at some point in order to legalize your company or meet South Carolina regulations.
In practice, South Carolina surety bonds are a contractual agreement between three parties:
- The principal
- The obligee
- The surety
The principal is the individual or company that needs to get bonded in order to carry out a stated task. This task could be something like completing a construction project, taking on work as a mortgage broker or offering investment advice.
The obligee is the authority requiring the bond. The obligee is often a city, state or government department or a licensing board.
The surety is the body underwriting the bond. If the principal fails to fulfill their task, or breaks the rules and regulations governing their profession, the surety will reimburse the obligee for their financial losses and recover this money from the principal.
There are three main types of surety bonds required in South Carolina. Here’s a brief overview:
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License bonds, also known as permit bonds, are often required by state bodies during the professional licensing process. In South Carolina, a number of professions require license bonds. These include auto dealers, freight brokers, mortgage brokers and insurance brokers. Taking out a license bond guarantees that these professionals will operate within the laws of their industry.
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Contract bonds, also known as performance bonds, are most commonly used in the construction industry. Companies often need to get bonded in order to bid on new projects. Contract bonds guarantee fulfillment of contractual obligations.
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Court bonds are probably the least common bond type in South Carolina. Typical cases in which South Carolina courts might require court bonds include when someone is appealing to a higher court or when they’re acting as a fiduciary.
Ready to start your bonding process? Find your South Carolina surety bond in the table below or scroll to the end of the page for the full list of bonds in South Carolina.
Determining Which Surety Bond You Need In South Carolina
There are thousands of different surety bond forms available nationwide. This can make it difficult to work out exactly which one is right for you. However, with your business license dependent on your surety bond, getting it right is essential.
The best way to find out which surety bond you require is to talk to your obligee. This is the government body or licensing board that has asked you to get bonded. They should be able to tell you which bond form you need as well as the bond amount you need to post.
Having this information will help to speed up the bonding process and get you the bond you need even faster.
Find Your South Carolina Surety Bond
Freight Broker Bond (BMC-84) | N/A | FMCSA | Apply Now |
General license & permit bond (not listed) | N/A | N/A | Apply Now |
Contractor License (No P&P Language) Bond | Registered Residential Specialty Contractor | Residential Builders Commission | Apply Now |
Contractor License (No P&P Language) Bond | South Carolina Manufactured Housing | SC Dept. of Manufactured Housing | Apply Now |
Contractor License (No P&P Language) Bond | Contractor License (No P&P Language) | Residential Builders Commission | Apply Now |
Contractor License (No P&P Language) Bond | (HVAC, plumber, electrician) Licensed Residential | Residential Builders Commission | Apply Now |
Contractor License (No P&P Language) Bond | Service Contracts Bond | State of South Carolina | Apply Now |
Investment Advisor (Blue Sky) Bond | BROKER-DEALER AND INVESTMENT ADVISER SURETY | State of South Carolina | Apply Now |
Investment Advisor (Blue Sky) Bond | Investment Advisor (Blue Sky) | State of South Carolina | Apply Now |
Investment Advisor (Blue Sky) Bond | BROKER-DEALER AND INVESTMENT ADVISER SURETY | State of South Carolina | Apply Now |
Debt Consolidators Bond | Credit Counseling Organization Special Deposit Bon | Dept of Consumer Affairs | Apply Now |
Professional Fund Raisers Bond | Professional Solicitor's | South Carolina Secretary of State | Apply Now |
Insurance Agents/Brokers Bond | Insurance Broker | Dept of Insurance | Apply Now |
Insurance Agents/Brokers Bond | Insurance Broker Bond | Dept of Insurance | Apply Now |
Insurance 3rd Party Administrator Bond | Insurance Administrator Bond | South Carolina Department of Insurance | Apply Now |
Mortgage Broker (1st & 2nd Mortgages) Bond | Mortgage Broker Special Deposit | Dept of Consumer Affairs | Apply Now |
Mortgage Lender/Banker (1st & 2nd Mort.) Bond | Mortgage Lender | State Board of Financial Institutions | Apply Now |
Mortgage Lender/Banker (1st & 2nd Mort.) Bond | Mortgage Lender Special Deposit | South Carolina Dept of Consumer Affairs | Apply Now |
Auto & Mobile Home Dealers (New & Used) Bond | Motor Vehicle Dealer | Department of Motor Vehicles - Dealer Licensing & | Apply Now |
Auto & Mobile Home Dealers (Used Only, No New) Bond | Motor Vehicle Dealer | Department of Motor Vehicles - Dealer Licensing & | Apply Now |
Sport Permits Bond | Professional Mixed Martial Arts Promoter Bond | South Carolina State Athletic Commission | Apply Now |
Health Spas/Health Clubs Bond | Physical Fitness Center Deposit Bond | South Carolina Department of Consumer Affairs | Apply Now |
Detectives Bond | Private Investigation Agency | South Carolina | Apply Now |
Employment Agencies Bond | Employment Agencies | SC Secretary of State Office | Apply Now |
Funeral Directors Bond | Performance Bond of Preneed Funeral Contracts | South Carolina Department of Consumer Affairs | Apply Now |
Professional Licenses (All Other) Bond | Pawnbroker Special Deposit Bond | South Carolina Dept of Consumer Affairs | Apply Now |
Professional Licenses (All Other) Bond | Well Driller Bond | Synergy Business ark; Kingstree Building | Apply Now |
Professional Licenses (All Other) Bond | Retail Pistol Dealer | SLED | Apply Now |
Professional Licenses (All Other) Bond | Professional Licenses (All Other) Bond | Department of Insurance | Apply Now |
Professional Licenses (All Other) Bond | Contract Security Bond | South Carolina Law Enforcement Division | Apply Now |
Schools (All) Bond | Commercial Driver Training School Surety | Dept of Motor Vehicles Driver Improvement Office | Apply Now |
Schools (All) Bond | Nonpublic Postsecondary Institution | Commission on Higher Education | Apply Now |
Schools (All) Bond | Cosmetology School | State Board Of Cosmetology | Apply Now |
Cigar/Cigarette & Tobacco Tax Bond | STATE TOBACCO TAX | South Carolina Dept of Revenue Misc Tax Section | Apply Now |
Fuel Tax (All Others, Sellers & Users) Bond | State Motor Fuel User Fee Bond | Department of Revenue | Apply Now |
Miscellaneous Taxes Bond | Right Of Way Bond | SC Dept of Trans | Apply Now |
Games of Chance Bond | Bingo Revenue Bond | State of South Carolina | Apply Now |
Utility Deposit Bond | Commissioners of Public Works | Greenwood, S.C. CPW | Apply Now |
Utility Deposit Bond | Utility Deposit | SCE & G | Apply Now |
Utility Deposit Bond | Utility Deposit Bond | SCE&G | Apply Now |
Utility Deposit Bond | Santee Cooper Deposit Bond | Santee Cooper | Apply Now |
Telemarketing/Phone Solicitor Bond | Professional Solicitor's | State of South Carolina | Apply Now |
What Are The Requirements For Surety Bonds in South Carolina?
The requirements for surety bonds in South Carolina vary depending on your industry and the exact bond you need. You can find out more by talking to one of our expert advisors.
How to Get Bonded in South Carolina
The bonding process is quick and easy. Start your application today by filling out our short online form for a free, no-obligation bond quote.
To apply online, you’ll need to give us a few basic details about your business and your circumstances. We’ll then be able to give you a free bond quote. If you’d like an exact bond price, you’ll need to complete a full application with attached paperwork. Once we have your information, we’ll send you an exact bond cost in no time.
So, whether you’re a South Carolina residential builder, an auto dealer, a pawnbroker or one of the state’s hard working general contractors, we can help you with all your surety bond needs.
Looking for more information on getting bonded? Our How to Get Bonded page will tell you everything you need to know.
How Much Does a South Carolina Surety Bond Cost?
The cost of South Carolina bonds varies depending on the bond, your location and your finances. Your bond premium (the amount you pay for your bond) is directly linked to the South Carolina surety bond amount that you are required to post.
For some types of surety bond, the bond premium is the same across the US. However, in other cases, the surety bond cost is decided by a state or local authority or calculated depending on your individual circumstances.
Generally, the bond premium is around 1% to 10% of the total bond amount. Although you might be asked to pay more if you have a bad credit score or your surety company deems you to be a high risk applicant.
The only way to find out exactly how much it will cost to get bonded is to apply for a bond quote. When you apply, your bond company will look at your personal credit score, your business finances and your professional experience.
If your surety considers you a low-risk applicant, you can expect to pay a lower bond premium. If they think that you’re high-risk, you’ll be asked to pay a higher premium, possibly up to 15% of the bond amount. Either way, Lance Surety Bonds will find you the best possible rate for your bond.
Can I Get A South Carolina Surety Bond With Bad Credit?
It can be more difficult to fulfill your surety bond requirements if you have bad credit. This is because surety companies consider a poor credit score a sign that you might be high risk.
To make it easier for applicants with bad credit to get bonded, Lance Surety Bonds has designed a Bad Credit Program. This program helps applicants with bad credit to obtain the South Carolina surety bond they need, so that bonding is not an obstacle to professional success.
The program is aimed at applicants with a low credit score, liens, past bankruptcies or civil judgments. If you apply for the program and are successful, you can expect a bond premium in the range of 5%-15%. The higher price is there to mitigate the increased risk in bonding.
While the bond premium you pay may be a little higher, if you get bonded through Lance Surety Bonds you’ll still get the best rate for your particular case. We’ve forged close relationships with numerous A-rated, T-listed surety companies, giving us the ability to find the best bonding option for you, no matter what your circumstances.
Most Popular Surety Bonds in South Carolina
The South Carolina Residential Builders Commission requires that all residential contractors licensed in the state post a residential builder bond to ensure compliance with state regulations. A $15,000 contractor license bond is required for Residential Builder/Certificate of Authority. Licensed Residential Specialty Contractors (HVAC, plumber or electrician) require a $10,000 bond and a $5,000 bond is needed 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. The surety bond cost you’ll need to post will depend on your role, but should be either $35,000 or $50,000. So, if you’re an investment adviser or broker-dealer, check with the Securities Commissioner for your 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 special deposit bond. The difference is that the mortgage lender special deposit bond 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.
A motor vehicle dealer and wholesaler surety bond must be obtained by the principal and filed with the South Carolina Department of Motor Vehicles in order for them to obtain an auto dealer or wholesaler license in the state. A $15,000 bond is required for wholesale auto auction, travel trailer and/or motorcycle dealers or wholesalers. A $30,000 bond is required of all dealers and/or wholesalers that do not fall into these specific categories.
The South Carolina Department of Insurance requires brokers to post a $10,000 insurance broker bond.
If you need a South Carolina money transmitter license in order to legally operate, you’ll first need to post a money transmitter bond. The required bond amount is between $50,000 and $250,000.
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!
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