Surety Bond Pursuant to § 6.2-2003 of the Code of Virginia
Any person (agency) that provides or offers to provide debt management plans (DMPs) for consumers in Virginia. Required when: Required as a condition of obtaining and maintaining a license to provide debt management plans. Exemptions: Banks, savings institutions, credit unions, and persons licensed to practice law in …
Overview
What it is.
Any person (agency) that provides or offers to provide debt management plans (DMPs) for consumers in Virginia. Required when: Required as a condition of obtaining and maintaining a license to provide debt management plans. Exemptions: Banks, savings institutions, credit unions, and persons licensed to practice law in …
Who usually needs it
Any person (agency) that provides or offers to provide debt management plans (DMPs) for consumers in Virginia.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateVABond amountThe bond amount must be at least $25,000 but not more than $350,000. For existi…Term lengthContinuousObligeeVirginia State Corporation Commission, Bureau of Financial InstitutionsRenewalThe bond must be maintained continuously in full force. The principal amount is reviewed and may be adjusted annually by the Commission based on the licensee's volume of funds received from consumers.Bond classLicense BondCategoryFinancial ServicesBondSurety Bond Pursuant to § 6.2-2003 of the Code of VirginiaStatutory referenceVa. Code § 6.2-2003JurisdictionState
