Credit service organizations (occasionally referred to as credit repair companies) in Florida must acquire a license and a $10,000 Credit Service Organization Bond that is to be filed with the Department of Financial Services.
Jet Insurance Company provides the Credit Service Organization Bond as a financial assurance to the Department that the licensee will comply with State regulations. If violations occur, the surety bond may be used as a means of restitution for anyone that has been financially damaged by the credit services organization’s negligent or fraudulent actions.
At Jet, prices for the Credit Service Organization Bond are a small fraction of the $10,000 bond limit and are based on a soft credit check of the credit repair company owner. As seen in the chart below, prices start at $100 annually or a convenient $10 a month. If you are interested in multi-year options, take a further look at Jet’s price chart.
The Credit Service Organization Bond is a continuous bond form, so our monthly payment plan is the perfect option for your business! You won’t have to worry about dealing with the renewal process and can keep your bond active until you’re ready to cancel. It’s that easy!
The Florida Department of Financial Services’ goal is to protect citizens from being financially taken advantage of through negligent and/or deceitful tactics. The Department does this by regulating financial businesses, managing licensing, and in some cases, mandating a surety bond. Therefore, the Credit Service Organization Bond is required because it provides a financial shield for the public from credit repair companies that are committing shady or fraudulent business practices. Should the Credit Service fail to recompense damaged clients, Jet will make payment to the damaged party.
Jet’s application for the Credit Service Organization Bond can be completed online and only takes a few minutes of your time. To begin, fill out the necessary information fields (such as your contact details and social security number), and in a moment your approved rate is ready for purchase. After you complete payment you will then receive a copy of your receipt and bond form.
Jet can file your surety bond for you free of charge! However, if you would prefer to submit your bond yourself, perhaps with your completed license application, you may select the option to do so at checkout.
The original signed and sealed Credit Service Organization Bond must be submitted to the Florida Department of Financial Services at the following mailing address:
Florida Department of Financial Services
PO Box 8050
Tallahassee, FL 32314
Credit repair businesses and service organizations are expected to follow all applicable regulations pursuant to Florida Statutes: Title XLVI, Chapter 817, as it applies to the rules and obligations of your license. If a client is financially harmed due to a license violation, they can choose to pursue civil action against the organization which could result in a bond claim.
Below are a few prohibited acts that could cause a claim on the Credit Service Organization Bond if committed:
If a consumer feels that a credit service organization has negligently handled their account or committed fraud, they may file a complaint with the Florida Department of Financial Services. However, the Department will likely only inflict license penalties against the business and recommend the damaged party to take civil action. If such a course of action is taken and a Florida judge rules in favor of the claimant, the Credit Service Organization Bond may be used as restitution for losses incurred by the harmed client.
As for damaged clients that do not contact the Department of Financial Services and just go straight to taking civil action, Jet Insurance Company is legally obligated to notify the Department of any claims that are being pursued against your bond so penalties regarding your license are likely.