Pennsylvania Credit Services Organization Bond (Credit Repair Service Bond ~ Pennsylvania)

Bond Penalty: $5,000 to $25,000 based on volume

Pursuant to the Credit Services Act (Act 150 of 1992), A person who, with respect to the extension of credit by others, sells, provides or performsany of the following services in exchange for the payment of money or other valuable consideration is a "credit services organization:

  • Improving a buyer's credit record, history or rating.
  • Obtaining an extension of credit for a buyer.
  • Providing advice or assistance to a buyer with regard to either of the above.

A CSO must conform with Section 7 by filing a Pennsylvania credit services organization bond. The surety bond issued by an insurer authorized to do business in the state and be filed with the Department of State in an amount equal to five percent (5%) of the total amount of the fees charged to buyers by the CSO during the previous twelve (12) months. In no case shall the Pennsylvania CSO bond be less than five thousand dollars ($5,000) nor more than twenty five thousand dollars ($25,000). The surety bond amount is adjusted once a year. The filing fee for a surety bond $70.00 and is submitted to:

Pennsylvania Department of State
Bureau of Corporations and Charitable Organizations
401 North Street, Room 206
Harrisburg, PA 17120

State laws are not exclusive and do not relieve the CSO from compliance with any other applicable provision of federal or other state's laws. Compliance may include Federal Code (15 U.S. Code ยง1679j) that also regulates the industry. There are specific acts prohibited under federal laws of which a CSO must be fluent. The credit service organization bond may generally be claimed upon for violations of particular state rules, rather than the CRO Act however a credit services professional must clearly understand the federal regulations.

Pennsylvania 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 Pennsylvania credit services 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.

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