Bonds

Collection agency and debt collector bonds are required in roughly half of the 50 states. These bonds are a type of license and permit bonds which are required by law or ordinance to be able to engage in business as a collection agency. In the states with collection agency bond requirements, they are required as part of a license or registration application. The exceptions are New Jersey and Texas, which require a bond, but no accompanying license. 

Most bonding companies are not familiar with the statutes and filings unique to collection agency bonds. Here at Cornerstone, we specialize in collection agency bonds. Cornerstone also has access to a wide network of surety companies with appetites for all types of bonds and competitive pricing. 

A compliance only bond is required by the state and often by the city in which the property is being built. The bond indicates that all parties involved in the build will follow codes. Compliance bonds  protect the property owner to ensure that their contractors will follow code. We write bonds for electricians, plumbers, and other construction tradespersons.

 This bond protects the public in the event the consumer discount engages in any acts of fraud or breaches any contracts made with consumers. It is a type of insurance that protects the public if the consumer discount company breaks licensing laws.

For businesses engaged in making loans, a Consumer Installment Loan Act Bond ensures full compliance with relevant state rules and regulations.

Consumer lending bonds are a category that includes various license types – Payday Advance/Deferred Deposit Lenders, Title Lenders, Auto Finance, Pawn Shops, and related businesses such as Check Cashers.

A Debt Settlement Surety Bond is a license and permit surety bond required by government entities to receive a license within that jurisdiction for providing debt settlement services to its citizens. This surety bond provides security that the debt settlement company will operate according to the applicable laws.

 The lender servicer bond ensures legal compliance with applicable rules and regulations, providing  an extra layer of protection for the state in which you operate and for your customers.

A Money Transmitter Bond (also known as a Money Remitter Bond, Money Services Business Bond, or Check Casher Bond) is a type of surety bond. Like all surety bonds, it is a three party agreement between a principal, an obligee, and a surety.

A mortgage banker’s bond is a commercial crime coverage (fidelity bond) required by specific laws, rules that regulate the mortgage banker business with certain federal government agencies and more importantly by the mortgage banker’s supporting warehouse lenders.

A Mortgage Lender Bond is a commercial license surety bond that may be required to become licensed to operate as a mortgage lender.

A mortgage originator bond is a binding legal agreement designed to encourage honest, ethical and legal behavior in how a brokerage is run.

The mortgage servicer bond is to ensure the bond holder’s legal compliance with applicable rules and regulations.

Payday loan bonds are forms of insurance that are required of anyone selling payday loans.

Sales Finance Bonds ensures compliance with state laws in purchasing/leasing retail installment contracts.

Cornerstone writes Contract Bonds (Client Specific Bonds), Fidelity Bonds, ERISA Bonds, Court bonds, Notary bonds and others types of bonds as well.  If you need a bond, fill out the form above and we will get in contact with you for the specific information!