A credit services organization is strictly regulated in the State of Florida an slightly more flexibly by Federal Code. A Florida credit service organization bond is one of the requirements of individuals and business entities seeking to offer services in the state. Pursuant to §817.701, a credit service organization, "charges or receives money or other valuable consideration prior to full and complete performance of services that the CSO has agreed to perform for a buyer." Those services include any of the following:
The Florida credit services organization bond runs to the Department of Banking and Finance, and guarantees that the licensee will act honestly, faithfully and in compliance with state law. The surety bond must be issued by a surety company licensed to do business in the state in the amount of ten thousand dollars ($10,000), using the state-approved surety bond form. The bond must be submitted to:
Florida Department of Banking and Finance
The Capitol, Suite 2103
Tallahassee, FL 32399-0350
Florida general statutes regulate CSO practices but do not nullify the Federal Code (15 U.S. Code §1679j) that regulates the activity. There are specific acts prohibited under federal laws. The credit service organization bond may generally be claimed upon for violations of particular state rules, rather than the CRO Act so it is important to read and understand the regulations.
Florida surety bond leader, SuretyOne.com is a specialist in the bonding needs of CSOs, debt adjustment and collection agencies. We offer both the surety bonds and fidelity bonds needed by credit service professionals in all fifty states, Puerto Rico and the U.S. Virgin Islands. Questions about this surety bond? Call us at (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for live chat. A Florida credit service organization bond is quick, easy and delivered in hours.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.