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How Much Does a Tennessee Credit Services Organization Bond Cost?
The cost of a Tennessee credit services organization bond is between $1,000 and $10,000. The state requires a bond amount of $100,000, but you do not need to pay the full amount to meet this requirement. Through a surety company, you can purchase the bond by paying a bond premium.
We are a trusted, authorized surety company, and we have been meeting the state’s bond needs for more than 10 years. Bond premium rates from 1% to 10% are available, based on the applicant’s qualifications. These qualifications include financial assets, professional credentials and credit scores.
We provide bonds to over 99% of our valued customers, and all credit scores are considered. With a 700 or higher credit score, applicants qualify for a 1% to 3% bond premium rate. If you apply for a bond with a credit score of 700, for example, your cost is between $1,000 and $3,000.
Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
Tennessee Credit Services Organization Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
How to Get a Tennessee Credit Services Organization Bond
1. Apply For Your Bond
Setting up your Tennessee surety bond is easy to do when you apply through our company. Our streamlined, three-step process begins when you fill out the online application. This easy step only takes a few minutes of your time.
2. Review Your Bond Quote
We review bond applications immediately, so you will learn about your approval status and bond premium without delay. In fact, many customers receive a quote from us within a few minutes. If an application is complex and needs additional review, we will provide a quote within 48 hours.
3. Buy Your Bond
Once you are ready to finalize your bond purchase, use our online payment portal to conveniently make the premium payment. Then, our bond experts will prepare the bond and email it to you. We can also mail it to you, if requested.
We take pride in delivering a simple, fast process to our customers, and we are available to assist you as needed. To reach our bond experts, contact us online or by phone at (877) 514-5146 today.
Joseph planned to open a new credit services business in Memphis and needed the state-required bond. He quickly filled out the application and had a quote in minutes. He finished buying his bond by making the payment online, and he now runs a growing business.
Credit Services Organization Bond Requirements in Tennessee
Under Tennessee Credit Services Businesses Act and Tennessee Code Annotated 47-18-1011, credit services organizations must register with the state. A registration requirement is a $100,000 surety bond. This surety bond must name the State of Tennessee as the obligee.
The bond must be maintained throughout the business’s operation and for two years after operations cease. The bond is continuous, but the surety has the right to cancel the bond at any time.
To cancel the bond, the surety company must provide a 30-day written notice to the Department of Commerce and Insurance. One possible reason for cancellation is if the bond premium is not paid annually.
As your surety company, we will help you maintain your bond. Each year prior to the bond premium renewal date, we will be in touch with current payment details and instructions.
How to Get Your Credit Services Organization License in Tennessee
In Tennessee, credit services organizations must participate in the Credit Services Registration program. To comply with the program requirements and get registered to do business in the state, the following documents are required:
- Application
- Surety bond form
- Information statements
- A customer’s rights statement
- A list of services provided
- A customer contract
If you have questions about the state’s requirements for credit services organizations, please contact:
Tennessee Department of Commerce and Insurance
500 James Robertson Parkway
Nashville, TN 37243
Phone: (615) 741-2241
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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!