Financial-related bonds are enforced for several professions including public adjusters, money transmitters, collection agencies, title insurance agencies, credit service organizations, and more. These requirements are required by organizations like the Office of Insurance Regulation, Secretary of State, Department of Transportation, Office of Financial Regulation, and Department of Financial Services.
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Florida credit service organizations (also known as credit repair companies) must be licensed and obtain a $10,000 Credit Service Organization Surety Bond.
Organizations collecting commercial claims need a $50,000 Commercial Collection Agency Bond as part of their licensing requirements.
Anyone performing currency exchange or money transmission services as a business in Florida is required to hold a Money Services Business Surety Bond (aka Money Transmitter Bond).
To be a licensed premium finance company in Florida, the Office of Insurance Regulation mandates licensees to have a form of financial security in place, one of which is the $35,000 Premium Finance Company Surety Bond.
If you provide fiduciary or fiscal intermediary services for healthcare professionals you'll need this surety bond on file.
To be registered as a public adjuster, non-resident public adjuster, or apprentice public adjuster in Florida, a $50,000 Public Adjuster Bond must be filed with the Department of Financial Services.
To avoid purchasing workers' compensation insurance from an insurance carrier, a company in Florida can opt to self-insure its employees. In this scenario, a surety bond or letter of credit is required.
Businesses offering service or home warranties may be required to file a Home or Service Warranty Association Surety Bond with the Office of Insurance Regulation.
A $35,000 Title Agent's Bond might be needed for agencies to operate with a title insurance company.
In Florida, whenever a landlord does not hold security deposits in either a dedicated interest-bearing or non-interest-bearing account, the landlord must secure a Landlord and Tenant Security Deposit Bond.
A Legal Expense Insurance Corporation Bond can be filed with the Florida Office of Insurance Regulation, in lieu of a large security deposit, by law firms offering legal expense insurance (prepaid legal service).
Pawnbrokers with a net worth of less than $50,000 are enforced by the Department of Agriculture and Consumer Services to secure a $10,000 Pawnbroking Surety Bond.
Toll facility users may be required to file a Turnpike Toll Bond with the Department of Transportation as a guarantee of the payment of tolls. Bond types include a Prepaid Account Bond, a Guaranteed Account Bond, or a Sunshine State Parkway Bond for Turnpike Tolls.
Florida notaries need to file a $7,500 Notary Bond to legally operate in the state.