Per the Utah Department of Commerce, Division of Consumer Protection, a credit services organization, its salespersons, agents, and representatives, and independent contractors who sell or attempt to sell the services of a credit services organization, may not conduct any business regulated by the Credit Services Organizations Act in Utah without first securing a certificate of registration from the Division of Consumer Protection and securing the required Utah credit services organization surety bond". Regulate acts of a Utah CSO include but are not limited to:
A Utah credit services organization bond must be issued in the amount of one hundred thousand dollars ($100,000). The surety bond must be issued by a surety company authorized to do business in Utah. The CSO bond run to the state and guarantees that the licensee will faithfully observe and honestly comply with the provisions of all statutes and rules of Utah law applicable to the regulated business and indemnify the Division of Consumer Protection and all consumers as set forth in those laws. The Utah credit services bond and application may be filed online or directed to:
Utah Division of Consumer Protection
160 East 300 South
Salt Lake City, Utah 84111
Utah statutes and administrative rules regulate CSO practices in the state HOWEVER they do not nullify the Federal Code (15 U.S. Code §1679j) that also regulates the profession. 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 however a credit services professional must clearly understand the federal regulations.
Utah 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 Utah 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.