A South Carolina Bingo Surety Bond is required by the South Carolina Department of Revenue (SCDOR) for anyone who is licensed to conduct or promote bingo games, or the manufacture or distribution of bingo cards in the state. The surety bond amount required for each licensee is based on their class:
- Class AA – $50,000 Bond
- Class B – $20,000 Bond
- Class C – $10,000 Bond
- Class D – No Bond Required
- Class E – $10,000 Bond
- Class F – $10,000 Bond
- Promoter – $10,000 Bond
- Manufacturer – $10,000 Bond
- Distributor – $10,000 Bond
South Carolina Bingo Surety Bonds ensure that the principal will faithfully comply with all of the provisions of Title 12 of the South Carolina Code of Laws and all regulations of the SCDOR. If the principal fails to fulfill the bond’s terms, the harmed party can file a claim against the bond. If the claim is validated, the surety will pay out up to the penal sum of the bond to resolve the claim. Any monies paid out by the surety, including attorney’s fees, must be reimbursed by the principal.
Pacific Surety offers rates as low as 1% annually for South Carolina Bingo Surety Bonds and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.