Who needs a Texas Credit Services Organization Surety Bond?
Texas Finance Code Chapter 393 defines a credit services organization as a person who provides, or a person who represents he/she can provide, the following services with respect to the extension of consumer credit by others:
- Improving a consumer’s credit history or rating;
- Obtaining an extension of consumer credit for a consumer; or
- Providing advice or assistance to a consumer with regard to the previously two bullet points.
Furthermore, the Texas Finance code also provides that each credit services organization file a surety bond or surety account in the amount of $10,000. The Texas Credit Services Organization Surety Bond must be in favor of the State of Texas and also the person damaged by a violation of Chapter 393 of the Texas Finance Code.
What is the current market for the Texas Credit Services Organization Surety Bond?
The Texas Credit Services Organization Surety Bond is widely underwritten by several surety companies. It requires a basic application which includes information about the athlete agent and a credit check which is performed by the surety company. Approval is typically issued the same day as the application is made.
How do I apply for a Texas Credit Services Organization Surety Bond?
- Complete our online Texas Credit Services Organization Surety Bond application, or
- Download and complete our printable Texas Credit Services Organization Surety Bond application, and
- Receive your surety bond quote in minutes!