Florida Credit Service Organization Bond Overview
- Purpose: To prevent financial loss if a credit repair company breaks rules and regulations
- Who Needs It: All credit service organization owners in Florida
- Regulating Body: The Florida Department of Banking and Finance
- Bond Amount: $100,000
- Premium Price: $100 for a 1-year term
What Is a Florida Credit Services Organization Bond?
A Florida credit services organization (CSO) bond is a form of financial security required to work in the state. Under the Florida Statute § 817.7005, all CSO owners need a $10,000 bond to legally operate in the state.
Who Needs a CSO Bond?
All licensed credit service organizations need a bond to provide credit services in the state. If you do not renew or maintain your bond, you won't be able to continue business.
How Much Do Credit Service Organization Bonds Cost?
A $10,000 Florida CSO bond costs a flat rate of $100 for a year of coverage. No application or credit check is required. Buy your bond online in minutes.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Florida CSO Bond Work?
This type of surety bond creates a legally-binding contract between you, the surety and the obligee.
| Bond Party | Description |
|---|---|
| 1) Principal | The CSO owner(s) filing the bond |
| 2) Obligee | The Florida Department of Banking and Finance |
| 3) Surety | The issuing surety provider |
This bond protects consumers by ensuring CSOs comply with state and industry regulations. If they fail to do so, harmed parties can file a claim against the surety bond to receive reimbursement.
How Do I Get My Bond?
You can buy your Florida credit service organization bond online 24/7. Provide the following information for filing approval:
- Name
- Address
- County
Once you checkout, we'll instantly deliver your bond via email.
How Fast Can I Get Bonded?
You can get your Florida CSO bond in minutes with SuretyBond.com. Just enter your information and checkout online.
How Do I Renew My Bond?
Your CSO bond will expire after one year. Rather than purchasing a new bond each year, you can renew your existing bond.
We’ll provide email and text updates. Simply pay the renewal invoice to extend your bond for another term.
Can I Make Changes to My Bond?
If you need small updates to your bond, like a name change, contact your surety provider. We can often issue a bond rider document. This allows you to amend the original bond without needing to cancel and buy a new one.
How to Open a Credit Service Organization in Florida
There is no Florida credit service organization license. Credit service organizations just need to buy the surety bond to be compliant. If you work in multiple states, see all Credit Service Organization Bonds here.
