Nevada Credit Service Organization Bond
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How much does a Nevada credit service organization bond cost?
A $100,000 Nevada credit service organization bond cost is subject to underwriting, meaning the price an applicant will pay for their bond is based on credit. Qualified applicants could pay as little as 1% to 3% of the total bond amount, meaning the cost of a bond for an applicant approved at 1% would be $1,000.
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What does a credit service organization bond protect?
A credit service organization bond protects the Nevada Department of Business and Industry and consumers from any negligent or illegal work performed by the organization or principal. If the principal performs their work in a manner that is harmful to the consumer, the bond may be claimed against. If a claim is filed, the surety company is responsible for paying the claim up to the full bond amount, at which point it becomes the principal’s responsibility to reimburse the surety.
You can read more about the Nevada credit service organization bond requirement, the required bond amount, and what this bond protects in NRS 676A.390.
Submit an online bond request to receive a free, personalized quote on your Nevada credit services bond!
How to become a registered credit service organization in Nevada
To become a registered Nevada credit service organization you must first review section NRS 598.701 et seq. regarding trade and regulation practices to determine any applicable registration obligations. Once you have finished reviewing, you are ready to start the application process.
- Complete the Application for Credit Service Organization Registration, including information for all owners, the names of all organization employees, and all services and accompanying fees provided by the organization
- Include the original copy of your $100,000 surety bond or an acceptable substitute
- Complete the Business Practice Questionnaire
- Include the $25 application fee in the form of a check payable to “Division of Mortgage Lending”
Send completed application and accompanying documents to:
Division of Mortgage Lending
1830 College Parkway, Suite 100
Carson City, NV 89706
How to renew your Nevada credit service organization registration
When applying for a registration renewal, the documents can be sent to the same address above.
- Complete the Nevada Application for Renewal of Registration, including basic business information, the current registration number, and allkey employee information
- List all credit service organization owners, and provide basic information and the Social Security number for each owner
- List out all employees of the business
- Include the original $100,000 surety bond and indicate all required information on the bond application
- Indicate the number of clients the organization is currently servicing
- List all services and their accompanying fee offered by the organization
- Include name and basic information for the resident agent for service of legal process
- Complete the Business Practice Questionnaire
- Include the $25 application fee in the form of a check payable to “Division of Mortgage Lending”
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