A Montana debt management company bond is required by the state if you wish to engage in credit counseling or to provide debt management plans in Montana. Debt managers, referred to as “credit counselors” are regulated by MT Code 30-14-2001, known as the “Montana Consumer Debt Management Services Act“. The Act defines debt counselors/credit counselors as any person who is an employee or agent of a credit counseling service and who designs debt management plans and provides consumers with budget, basic financial planning, and consumer education services. The Montana debt management company bond must be written in the amount of set by the Department of Justice and benefit any consumer harmed by a violation of the provisions of the Act. An applicant that does not maintain an office in the state with a credit counselor on the premises must post a Montana debt management bond in the amount of $50,000. In addition to the Montana surety bonding requirements, the law also requires third party verification of the applicant’s proper pre-license training and/or experience, and periodic business audits by a certified public accountant. The Montana debt management company bond form states that, the conditions of this obligation are set forth in Montana Code Annotated § 30-14-2001 et al. and as follows: 1. The Surety Bond shall run to the State for benefit of any consumer who is injured by a violation of Montana Code Annotated § 30-14-2001 et al, § 30-14-103 or the rules adopted under them, committed by a licensee or an agent of a licensee, including an agent managing a trust account. Montana surety leader, Surety One, Inc. will issue this class of license bond to experienced applicants regardless of credit condition. We also offer superlative fidelity bond coverages to protect against losses due to employee dishonesty. For more information about the Montana debt management company bond or any other bonding need, visit SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com.
