Vermont Debt Adjuster Bond
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How much does a Vermont debt adjuster bond cost?
Any person who enters into a debt adjustment contract with a debtor, debtor’s creditor, or resident of Vermont and agrees to supervise the distribution of money payments is required to post a surety bond.
The Commissioner of Banking, Insurance, Securities & Health Care Administration determines the bond amount you are mandated to post. The amount for this specific bond is $50,000.
This bond is subject to underwriting, meaning that your premium is determined by the financial credentials of your credit report. Not-so-stellar credit? No worries! Our team of surety professionals can get you quoted at the lowest rate available to your specific needs.
Want to know how rates are determined? Contact one of our surety experts by submitting a bond request.
Why do I need this bond?
By posting a bond, the principal (debt adjuster) guarantees to faithfully abide by the provisions of Title 8, Chapter 133 of the Vermont Statutes Annotated. This includes paying all monies due to the Commissioner of Banking, Insurance, Securities & Health Care Administration and to any person entitled against the obligors.
Specifically, this bond offers indemnity to any person who endures losses or damages caused by wrongful acts of the principal.
What’s the fine print?
All bonds will remain in full effect unless canceled by the surety. If the surety chooses to cancel a bond, a written cancellation notice must be mailed to the principal and Commissioner of Banking, Insurance, Securities and Health Care Administration 60 days prior to the deemed cancellation date.
How to become a debt adjuster in Vermont
To become a licensed debt adjuster in VT, you must first register as an agent with the Vermont Secretary of State. License applications must be completed in full and include the following attachments:
- $250 licensing fee
- $250 investigation fee
- surety bond
- tax certification
Don’t wait to adjust distributed money! Apply for your free quote.
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