Virginia Credit Services Company Surety Bond | Credit Repair Bond
If you operate a credit repair or credit counseling company in the Commonwealth of Virginia, you must comply with the Virginia Credit Services Businesses Act (§59.1-335.1 et seq., Code of Virginia). One of the core compliance requirements is the filing of a Virginia Credit Services Business Surety Bond with the Virginia Department of Agriculture and Consumer Services (VDACS), Office of Charitable and Regulatory Programs. Surety One, Inc. offers this surety bond quickly and efficiently for all applicants.
A Virginia Credit Services Business Bond protects consumers from deceptive or non-compliant conduct by credit services organizations (CSOs). The bond is a financial guarantee that your company will follow the law and operate ethically. If your company violates provisions of the Act such as misrepresenting services, charging excessive fees, or failing to provide contractual disclosure. A party prejudiced by the CRO may claim against the bond for restitution. The surety bond must be in an amount approved by the Commissioner, typically $5,000 to $10,000, and must remain in force as long as the business operates in Virginia.
The statutory authority requiring this bond is found at Va. Code § 59.1-335.4, which mandates that all credit services businesses furnish a surety bond “conditioned upon full compliance with the provisions of the Act.” The surety obligation must be continuous but may be cancelled by the surety with 60 days' advance written notice to VDACS. However, cancellation does not absolve the surety from liability for actions that occurred during the bond's active period. Importantly, all contracts executed during the time the bond is in effect are protected until the statute of limitations for claims runs out. For additional support, you may contact the Virginia licensing authority directly:
Virginia Department of Agriculture and Consumer Services
Office of Charitable and Regulatory Programs
102 Governor Street, Richmond, VA 23219
Phone: (804) 786-1343 (Option 5)
Website: www.vdacs.virginia.gov
Virginia surety bond leader, Surety One, Inc. 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 Virginia credit services company bond is quick, easy and delivered in hours.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.
What We Need From You
Obligee's Bond Form
