What Is an Ohio Telephone Solicitor Bond?
Telephonic sellers in Ohio need to get a certificate of registration from the state Attorney General’s Office prior to executing any operations. Posting a telemarketing bond is one of the main requirements you need to meet.
The goal of the bond is to ensure that you will follow all applicable rules and regulations. In this way, it protects the state and the general public. If you engage in unlawful activities while conducting telephone solicitation in the state, you can get a bond claim. This is how a harmed party can seek a financial compensation.
Your telemarketing bond functions similarly to all Ohio surety bonds. It is a contractual agreement, in which your business is the principal. The Attorney General’s Office is the obligee that requires you to get bonded. The third party is the surety that underwrites the bond.
Questions about Telemarketing Bonds in Ohio
Who is required to post a telephone solicitor bond?
Any entity that wants to conduct telemarketing activities in Ohio needs a certificate of registration. The governing authority is the Consumer Protection Section at the Attorney General’s Office. You need to complete and file the official application form.
Posting a telemarketing bond is a necessary prerequisite. It guarantees you will follow your professional and legal obligations under the Ohio Revised Code, Chapter 4719,
What’s the surety bond cost?
The bond amount that you have to present to get registered as an Ohio telephone solicitor is $50,000.
Your actual bond cost is only a percentage of this amount and is called the bond premium. It is typically between 1%-5% for telemarketers with solid finances.
|Surety bond name||Surety bond amount||Above 700||Between 650-699||Between 600-649||Below 599|
|Ohio telephone solicitor bond||$50,000||$375-$750||$500-$1,250||$1,250-$2,500||$2,500-$5,000|
The surety bond cost you have to pay is determined by examining your personal and business finances. Your credit score, business financials, as well as any assets and liquidity that you can demonstrate are all important factors. By analyzing them, your surety can measure the level of risk it takes when bonding you. Your price will be lower if your finances are in good shape.
What happens if I have bad credit?
Do you have to cope with financial issues such as low credit score, tax liens, bankruptcies, or civil judgements? Then getting bonded may turn into an uphill battle. That’s why we run our Bad Credit Surety Bonds program.
The bond premiums for bad credit applicants are typically in the range of 5% and 10%. This is needed to compensate for the higher risk. Since we collaborate with a number of A-rated, T-listed surety companies, we are still able to select the best bond option for your specific case.
How do I get the bond?
Do you want to learn more about the way bonding works? We have prepared a detailed How to Get Bonded page that can provide you with the full picture.
Lance Surety Bonds’ specialists are here to help. For any questions you may have, just call us at (877) 514-5146.
How are bond claims handled for telephone solicitors?
Telemarketing bonds protect the general public rather than your business. This means that if you fail to follow the law, you can face a bond claim. That’s how a harmed party can obtain a proper compensation for any damages suffered as a result of your actions.
The claim amount can be up to the penal sum of your bond, which is $50,000. If the case is proven, you are liable to cover all costs. At first, it may be your surety that handles the finances, but you have to reimburse it afterwards. Surety bond claims can turn into a serious problem for your company, so they are to be avoided as much as possible
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