What is a Rhode Island Telephonic Seller Surety Bond?
The Rhode Island Telephone Sales Solicitation Act requires anyone who conducts business as a telephonic seller to register with the Consumer Protection Unit of the Attorney General’s Office. Pursuant to provisions of the act, telephonic sellers must file a $30,000 surety bond before a confirmation of registration is issued. This bond guarantees that the principal (telemarketing company) will comply with all provisions of the Rhode Island Telephone Sales Solicitation Act and provides protection to any person who is injured by fraud, misrepresentation, breach of contract or financial failure by 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?
Rhode Island Telephonic Seller Surety Bonds must be filed with the Rhode Island Attorney General, and the aggregate liability of the surety shall not exceed the penal sum of the bond. The bond has a continuous term and remains in force until the surety company cancels the bond. The surety may cancel the bond for any reason by giving 30 days advanced written notice to the state and principal.
How much will my bond cost?
Pacific Surety is proud to offer a variety of approvals, regardless of credit, for Rhode Island Telephonic Seller Surety Bonds, with rates as low as $300 annually for well qualified applicants. It 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.