Virginia Credit Services Business Bond

1. Apply For Your Bond

With our quick and easy process, many of our valued customers can set up their credit services business bond on the same day. Our three-step process starts when you complete the online application.

Due to her previous experience with a surety company, Paula anticipated a tedious process for her credit services business bond. However, our simple, one-day process made obtaining the bond effortless and stress-free.

2. Get Your Bond Quote

Once we receive your surety bond application, we will review information promptly. Most of our customers receive a quote within a few minutes. For more complicated applications that require extra review, we will provide a bond quote in 48 hours or less. 

3. Buy Your Bond 

Finalizing your purchase is just as easy when you get your bond from us. Use the online portal to make your bond premium payment. We will quickly process the bond and email it to you. If you need a mailed copy of the surety bond, please let us know.

If you have questions or need assistance, our bond specialists are ready to help. Reach us online or by phone at (877) 514-5146.

According to the Virginia Credit Services Business Act, credit services businesses must maintain a satisfactory surety bond or a letter of credit from an FDIC-insured bank. The bond amount is between $5,000 and $50,000. The amount will be equivalent to 100 times the business’s standard fee.

The obligee for the Virginia credit services business bond is the Commonwealth of Virginia. This bond runs continuously until it is canceled by the surety company. To cancel the bond, the surety company is required to make a 60-day written notice to the Commonwealth of Virginia. 

The surety bond must remain active for the credit services organization to continue doing business. It also must remain active for two years after the business closes.

While the bond is continuous, the bond premium is due annually. To assist with the maintenance of your credit services business bond, we will contact you annually prior to the due date with renewal instructions.

To comply with the state’s registration requirements for a credit services organization, you must apply for registration with the Virginia Department of Agriculture and Consumer Services. The application requirements are:  
 

• Registration form
• Surety bond form or Letter of Credit
• $100 fee

If you have questions about Virginia’s registration requirements for credit services organizations, please contact:

Virginia Department of Agriculture & Consumer Services
2401-2439 S. Military Highway
Chesapeake, VA 23320
Phone: (757) 494-2455