Those operating as credit services organizations must comply with the Ohio Division of Financial Institutions (DFI) requirement to hold a certificate of registration and a $50,000 surety bond while operating in the state. The bond assures the DFI of your compliance with the Credit Services Organization Act.
As a surety company, we provide the Credit Services Organization Bond as a means of restitution for anyone financially harmed by the credit services organization’s dishonest or illegal actions.
It really depends on your personal credit, but rates start as low as $500 for one year or $50 monthly. Preferred credit tier pricing is reflected in the chart below.
Take advantage of our monthly subscription! The benefits include locking in your rate for years, not having to worry about making a renewal payment, and keeping your bond active until you’re ready to cancel.
The Division of Financial Institutions goal is to protect Ohio’s citizens from bad dealings with finance companies and financial institutions. Credit services organizations are among those regulated by the DFI, and must acquire and maintain a surety bond to hold an active certificate of registration. The surety bond is provided by a surety company (Jet) as a tool that guarantees recompense when a certificate holder (registrant) fails to comply with the rules, regulations, and laws, such as failing to give the buyer a written statement of rights.
A credit services organization is any person who receives payment to improve a buyer’s credit, help a buyer receive an extension of credit or get adverse credit information removed from their credit report, or alter a buyer’s identification to avert their credit from being displayed.
Those not classified as a credit services organization, and are therefore are exempt from the certificate of registration and Credit Services Bond requirement, are as follows:
Click the "View Your Bond Price" button above, follow the step-by-step instructions, and submit! The total process should only take a few minutes. General business information and your social security number (for the soft credit check) are used to get you a quote.
A Jet underwriter generally needs to quickly review the details of the application before providing a quote. When a rate is approved, it will be sent to you via email and you can purchase your Credit Services Organization Bond online. A copy of the $50,000 Ohio Credit Services Organization Bond and your receipt are sent to your email directly after purchase.
Yes; the Nationwide Multistate Licensing System (NMLS) is where “paperwork” is electronically filed, including the surety bond. You must authorize Jet to file the electronic surety bond for you through the NMLS. Check the image below for the NMLS bond filing address.
No stress—Jet can easily request cancellation of the bond, just send us an email to [email protected] and we will give notice to the Division of Financial Institutions through the NMLS.
Even after the bond is cancelled and you have ceased business, the bond will be active for two years to account for any claims filed.
The bond must be kept active for the entire duration of you holding a certificate of registration in Ohio.
For those on a monthly subscription, your bond will keep an active status as long as payments continue to come out of your preferred account. For those who paid for the bond in full, Jet will send an invoice to your email and mailing address when the renewal premium is due. Paying before the bond’s renewal date will ensure your bond is kept active in the NMLS.
In general, credit services organizations can avoid bond claims by complying with Chapter 4712 of the Ohio Revised Code. More specifically, do not make false promises, charge a buyer prior to agreeing on services/terms, or engage in other dishonest, improper, or illegal conduct that violates the Code.
Any person that is financially harmed as a result of a credit services organization’s violations of the regulations and laws may bring suit against the registrant. The DFI may suspend, revoke, or refuse to renew or issue a registrant’s certificate of registration after the registrant is guilty of a felony or has otherwise violated the Ohio Revised Code, but only after giving notice to the registrant and holding a hearing.
Regarding disciplinary action, credit services organizations are typically able to work with the public and/or Division of Financial Institutions to resolve any disputes before serious penalties, including a bond claim, are invoked.
By choosing Jet as your surety bond provider, you are given claims defense; Jet will get rid of any faulty claims. All information surrounding the incident(s) in question will be collected by Jet—your cooperation is essential during this process.
Jet must make payment to the claimant for any legitimate claims. Surety bonds are essentially an extension of credit, only offering reimbursement after a registrant has violated the regulations and neglected to correct any issues. Therefore, the credit services organization is required to pay the surety company (Jet) back for any paid out claims.