Mississippi Debt Management Service Provider License Bond
Complete Guide to Bonding for CSOs in Mississippi
1. Start Your Application
2. Receive Your Free Quote
3. Buy Your Surety Bond
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How Much Does a Mississippi Debt Management Service Provider Bond Cost?
The cost of a Mississippi debt management service provider bond is between $500 and $5,000. The state requires licenses to have a $50,000 bond. However, it is not necessary to pay the full bond amount to comply with this requirement.
You can purchase your bond by paying a bond premium to a surety company. Our trusted surety company is authorized in Mississippi and our bond premium rates are between 1% and 10%. More than 99% of our customers qualify for the bond they need through our streamlined process.
The rate that you qualify for is based on several factors. These include your financial assets, your professional experience and your credit scores. We accept applicants with most credit scores.
Applicants with a credit score of 700 or better qualify for a rate of 1% to 3%. If you apply with this credit score, your debt management service provider license bond will cost between $500 and $1,500.
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Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Mississippi Debt Management Service Provider Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
How to Get a Mississippi Debt Management Service Provider Bond
1. Apply For Your Bond
It only takes a few minutes to apply for your Mississippi surety bond and learn about your rate. Our easy process begins when you fill out the online application. Typically, our customers can complete this step within a few minutes.
Stu, a new customer, recently applied online for a Mississippi surety bond. He hoped to complete his license application with the state soon, so he appreciated being able to walk through our three-step process all in one day. Now, he has a licensed debt management services company in Biloxi.
2. Review Your Bond Quote
Applications are processed immediately, so many of our valued customers receive their bond quote within a couple of minutes. Some applications are complicated and require additional review. In these instances, we complete the review and provide a quote within 48 hours.
3. Buy Your Bond
After reviewing your bond quote, the final step is to buy your bond. Simply pay the bond premium through our online portal, and we will email your bond directly to you. If requested, we are happy to mail your bond as well.
We proudly provide our customers with friendly service and are available to assist with your bond purchase. For support from our bond experts, please contact us online or by phone at (877) 514-5146 today.
Apply for a free no-obligations quote on your surety bond!
Debt Management Service Provider Bond Requirements in Mississippi
In Mississippi, a debt management service provider is required to have an active license under § 81-22-5, or the Mississippi Debt Management Services Act. The license is required for those who receive a fee or other consideration in exchange for related services. These services include:
- Debt management
- Credit counseling
- Credit repair
The $50,000 surety bond should indicate the obligee as the State of Mississippi. This is a continuous bond and remains in full force until it is canceled. To avoid cancellation, the bond premium must be paid annually.
We actively support our customers with the maintenance of their surety bonds. Prior to each year’s due date, we will contact you with current bond premium payment instructions.
How to Get Your Debt Management Service Provider License in Mississippi
The Mississippi Department of Consumer Finance and Banking is the authority for debt management service provider licenses. License applications are processed by the Nationwide Multi-State Licensing System and Registry, or NMLS. To obtain a license, the following items are required:
- Financial statements
- Certificate of Authority or Good Standing
- Debt Management Agreement
- Surety bond
- Business plan
For questions about the requirements for a debt management service provider license, contact:
Mississippi Department of Consumer Finance and Banking
P.O. Box 12129
Jackson, MS 39236
Phone: (601) 321-6901
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
