What is a Nevada Credit Service Organization Surety Bond?
Credit service organizations (CSOs) refers to anyone who sells, provides or performs any of the following services in exchange for payment:
- Improving a buyer’s credit record, history or rating
- Obtaining an extension of credit for a buyer
- Providing advice or assistance to a buyer in regards to any of the above items
Before conducting business in the State of Nevada, credit service organizations must register with the Nevada Department of Business & Industry Division of Mortgage Lending. A surety bond in the amount of $100,000 is a required condition of that registration.
How does a Nevada Credit Service Organization Surety Bond work?
Nevada Credit Service Organization Surety Bonds guarantee that the CSO complies with all regulations in the Nevada Revised Statutes pertaining to the operation of credit services organizations and protects consumers who are damaged by the unlawful actions of the CSO. If the CSO does not comply with these terms, a claim can be filed with the surety company. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. The CSO is then required to reimburse the surety for all monies paid out, including any attorney fees incurred.
What are the terms of the bond?
Nevada Credit Service Organization Surety Bonds are filed with the Division of Mortgage Lending and are renewed annually. The bond has a continuous term and remains in full effect and force until canceled. The surety can cancel the bond at anytime by providing a written notice 60-days in advance of the effective cancelation date, via certified mail, to the obligee. The aggregate liability of the surety will not exceed the face amount of the bond irrespective of the number of years the bond is in force, the number of claims filed or the aggregate amount claimed.
How do I get a Nevada Credit Service Organization Surety Bond?
The first step is to complete our quick online application for your free bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
How much does a Nebraska Credit Service Organization Surety Bond cost?
Nebraska Credit Service Organization Surety Bonds are subject to underwriting and the price you will pay depends on a review of your personal credit report. Pacific Surety is proud to offer a variety of approvals, regardless of credit, with rates starting at $1,000 annually for well-qualified applicants. It typically takes just a few hours from quote to issuance of the bond, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.
- Nevada Department of Business & Industry Division of Mortgage Lending
- Nevada Revised Statutes 598.741 to 598.787
- Nevada Credit Services Organization Application for Registration
- Nevada Credit Services Organization Bond Form
Surety Bond Name
Credit Service Organization Surety Bonds – Nevada
$100,000Request a Free Quote