Individuals and businesses fulfilling financial-related work are often required to file a surety bond to operate in Texas. Financial-related bonds are required for a variety of roles, including public insurance adjusters, credit services organizations, mortgage loan servicers, insurance agencies, and debt collectors. These requirements are overseen by the Secretary of State, Department of Insurance, Department of Banking, Real Estate Commission, Department of Licensing and Regulation, State of Texas Department of Savings and Mortgage Lending, Office of Consumer Credit, City of Wichita Falls, and City of Sherman.
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Timeshare plan developers must provide a form of financial assurance to the Texas Real Estate Commission to guarantee refunds will be given to purchasers, when necessary. One way to fulfill this requirement is with the Timeshare Escrow Surety Bond.
The Texas Department of Savings and Mortgage Lending requires a Residential Mortgage Loan Services Bond for all those registering as a servicer in the State.
Two surety bonds are required for title insurance agents and direct operations to receive their license: the Escrow Officers Schedule Bond (not to be confused with the bond above) and the Title Insurance Agent/Direct Operation Bond.
Credit Services Organizations, aka credit repair companies, must be registered with the Secretary of State and file with them a $10,000 surety bond to conduct business.
The Office of Consumer Credit Commissioner adds protection to the public from financial ruin by requiring Consumer Debt Management Services to hold a bond.
Involved in currency exchange or money transmission within the State of Texas? You'll need this Money Services Bond, required by the Department of Banking.
Anyone providing debt collection services to Texas citizens needs a $10,000 Third Party Debt Collector Bond filed with the Secretary of State.
To be approved for a Certificate of Authority in Texas, third-party administrators must maintain a Fidelity Bond to protect the financial wellbeing of their customers.
The Texas Department of Insurance mandates that all corporations/partnerships engaging in insurance as an agency be registered and hold a $25,000 Insurance Agency Bond.
Public insurance adjusters need a $10,000 surety bond to operate in the state of Texas. The bond compensates those who may suffer financial damage as a result of the public adjuster's actions.
Managers and brokers offering reinsurance intermediary services to the Texas public must get and maintain a Reinsurance Intermediary Bond. Broker licenses require a $100,000 bond and manager licenses require a $250,000 limit.
Qualified employers wishing to self-insure their workers' compensation policies will need to file a Certificate of Authority and surety bond with the Department of Insurance, Division of Workers' Compensation.
Sometimes called Motor Clubs, Automobile Clubs offering membership services are required by Texas law to have a $25,000 bond.
The Department of Licensing and Regulation doesn't joke about regulating for-profit legal service contract companies. A surety bond is required to ensure the financial safety of Texas's citizens.
A $1,000 Junk or Secondhand Dealer Bond is required for those dealing such items in the City of Sherman, Texas.
Purchasing and selling precious metals (gold, silver, coins, etc) in Wichita Falls, Texas? You're going to need this bond to ensure compliance with the City.