What is a West Virginia Telephonic Seller Surety Bond?
The West Virginia Telemarketing Act requires telemarketing organizations to register with the West Virginia Department of Revenue – Office of Telemarketing Registration before they can begin operations in the state. The act requires anyone who registers to file a surety bond as security with the WVDR. The bond guarantees that the principal (telemarketing company) will comply with all provisions of the Telemarketing Act and provides protection to the state or any private person who is damaged by any unlawful act or action by the telemarketer. 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 bond amounts required by the state?
The penalty amount for this bond is $100,000, and separate bonds are required for each telemarketing location, including all principal and branch offices. A single bond in the amount of $500,000 may be filed for all locations in lieu of separate bonds for each location.
What are the terms of the bond?
West Virginia Telephonic Seller Surety Bonds must be filed with the West Virginia Department of Revenue, and the aggregate liability of the surety shall not exceed the penal sum of the bond. The bond has a continuous term and shall remain in full force and effect for three years after the date on which the principal ceases telemarketing activity. The surety may cancel the bond for any reason by giving 60 days written notice by certified mail 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 West Virginia Telephonic Seller Surety Bonds, with rates as low as 1% 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.