What is a Delaware Telephonic Seller Surety Bond?
In the state of Delaware, telemarketing companies are required to register with the Fraud and Consumer Protection Division of the Delaware Department of Justice. As part of the registration process, a $50,000 surety bond must be submitted a minimum of 30 days prior to conducting business in Delaware. This surety bond guarantees that the principal (telemarketing company) will comply with all provisions of the Telemarketing Fraud Prevention Act and provides protection to the state and any person who is damaged by unlawful acts or actions of the principal. If financial damages occur, the surety will pay out up to the penal sum of the bond to resolve the claim. The principal is then required to reimburse the surety for all monies paid out, including any attorney fees incurred.
What are the terms of the bond?
Delaware Telephonic Seller Surety Bonds must be filed with the Department of Justice and the aggregate liability of the surety shall not exceed the penal sum of the bond. The bond term is continuous and must remain in full force and effect for three years after the principal ceases to do business in Delaware. The surety may cancel the bond for any reason by giving advanced written notice to the state.
How much will my bond cost?
Pacific Surety is proud to offer a variety of approvals regardless of credit for Delaware Telephonic Seller Surety Bonds, with rates as low as $500 annually for well qualified applicants. The process typically takes just a few hours for a quote, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.