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Debt Management License Surety Bond Arizona

Debt Management License Surety Bond Arizona

Debt Management License Surety Bond Arizona

Debt Management License Surety Bond Arizona – Debt Management programs in Arizona are required to be licensed. One of the licensing requirements is to purchase a security, such as an Arizona Department of Financial Institutions Surety Bond for Debt Management.

 

Arizona‘s Department of Financial Institutions administers the debt management program and oversees licensing, supervision, and regulations. It also investigates consumer complaints and directs appropriate remedial action when there are violations.

 

The Department requires a license for those in debt management, describing the business as “any person that for compensation, engages in whole or in part in the business of receiving money as an agent of a debtor for the purpose of distributing the same to creditors in payment of obligations.”

 

How Much Does an Arizona Debt Management License Bond Cost?

The premium you pay for an Arizona Debt Management License Surety Bond varies on credit and the bond amount required.

 

Surety Bond and License Requirements:

License applications are submitted through the NMLS (Nationwide Multistate Licensing System & Registry). Application requirements consist of:

 

  • Fees: There is an $800 non-refundable application fee, plus a license/registration fee that is $250 – $375, depending on the time of year you apply.

  • Application/company form (MU1)

  • Financial statements showing a net worth of at least $2,500

  • Other trade name or DBA that is different from the applicant’s legal name

  • Resident/Resident Agent

  • Primary Contact Employees

  • Control Person Attestation (MU2)

  • FBI Criminal Background Check for MU2 Individual

  • Debt Management Agreement

What’s the fine print?

Arizona debt management surety bonds are continuous until canceled, and the obligee requires 30 days notice from the surety underwriting company prior to cancellation.

When filling out the bond form, it is important to check the business/license type for which you are applying. If you wish to be bonded for more than one of the license types offered by the Department of Financial Institutions, multiple bonds must be taken out.

Every employee within a debt management company in Arizona must be bonded, not just the company as a whole.

Debt Management License Surety Bond Arizona