Ohio Litigation Funding Provider Bond Guide
If you’re applying for a litigation funding provider license in Ohio, you’ll likely need this surety bond.
Bond Overview
- Purpose: To ensure legal and ethical litigation funding activities
- Who Needs It: Investors funding legal cases in Ohio
- Regulating Body: The Ohio Department of Commerce
- Required Coverage: $50,000
- Premium Rate: 1–10% based on credit score
Learn all about the bond requirements and process in this guide.
What Is an Ohio Litigation Funding Provider Bond?
An Ohio litigation funding provider bond financially enforces legal and ethical litigation funding practices.
The Ohio Department of Commerce requires this bond as part of the licensing process for legal funding providers in the state.
How Much Do Litigation Funding Provider Bonds Cost in Ohio?
A $50,000 Ohio litigation funding provider bond costs a small percentage of the bond amount, typically 1–10%.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Litigation Funding Provider Bond?
Any company that provides non-recourse civil litigation in Ohio must file a registration statement and file a $50,000 bond with the Department of Commerce’s Superintendent of Financial Institutions.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get an Ohio litigation funding provider bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll email you the bond shortly after purchase. Be sure to file the bond with the Ohio Department of Commerce as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does an Ohio Litigation Funding Provider Bond Work?
As with all surety bonds, a litigation funding provider bond creates a legal contract between three parties:
- Principal: You, the legal funding provider filing the bond
- Obligee: The Ohio Department of Commerce requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding Section 1349.55 of the Ohio Consumer Sales Practices Act.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your litigation funding provider bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
