Credit service organizations in Nevada must hold a $100,000 Credit Service Organization Bond to be filed with the Division of Mortgage Lending. The bond protects buyers or clients of the organization from financial losses caused by the organization’s fraudulent or negligent business practices or the organization going bankrupt.
When you choose to purchase your Credit Service Organization Bond with Jet, you can pay in the method that suits your needs, whether that’s low monthly payments, annually, or for multiple years at once.
Rates are dependent on the personal credit of the applicant and will only be a small percentage of the $100,000 bond limit. For example, Jet’s pricing starts at $100 per month or $1,000 per year. The chart below shows what rates a preferred credit applicant would be approved for.
Jet’s monthly payment plan is one benefit of being a direct insurance company—other benefits include getting rid of middlemen that muddle up the bonding process and raise your costs to account for their commissions and broker fees.
It only takes a few minutes to complete an application for the Credit Service Organization Bond. All you need to do is fill out the fields (such as your social security number for the soft credit check) and submit the application for review. If any other information is needed, a Jet underwriter will reach out to you at this time. Once your quote is ready, we will email it to you with a link to purchase the bond right away.
After you have completed payment for your bond, Jet will send you a digital receipt and copy of your bond via email. We will prepare the surety bond form and submit it to the Division of Mortgage Lending. If you need to submit the bond yourself, such as with the registration application, we will send the bond to you free of charge. The original bond must be filed at:
Division of Mortgage Lending
3300 West Sahara Ave, Suite 285
Las Vegas, NV 89102
A Credit Service Organization Bond must be active during the entire time of registration. This means that the bond will need to be renewed with the annual registration renewal unless of course, you are paying monthly then your bond will be kept active as long as payments are continually received.
If you need to cancel your bond, please contact Jet right away. We must notify the Division 60 days ahead of time. During this time, the liability of the surety bond is still in force and must be paid for—monthly payments will continue during this time and annual payments will include this time in the active period. Once the cancellation is finalized and Jet is no longer liable, monthly payments will be stopped and the remaining time left on an annual or multi-year term will be calculated into a refund.
The main goal of a Credit Service Organization Bond is to make sure that it does not defraud its buyers. The terms of the bond indicate that reimbursement is available for those who are burdened by an organization going bankrupt, breaking the terms laid out in an agreement with the customer, or failing to abide by the Nevada Revised Statutes, Sections 598.701–598.787. Some examples of violations that can cause monetary loss and lead to claims are:
If you receive a claim, contact Jet as soon as possible. We will try and defend you against false claims by checking any evidence provided. The Division can either take action for an interpleader or administer a hearing to decide how to distribute the surety bond funds to the injured parties if the claim is valid. Jet will be obligated to pay out the claim as determined by the Division. Any attorney fees or other added costs are also included in the claim payout. Once the claim has been settled from the bond, you are responsible for paying Jet back in the amount that was paid out.