What is an Iowa Credit Service Organization Bond?
Iowa Credit Service Organization Bond's are required by Iowa's Secretary of State to obtain your Iowa Credit Service Organization Bond. The Iowa Credit Service Organization Bond amount is set at $10,000.
The State requires a Credit Service Organization bond for :
a $10,000 surety bond
Different parts of a bond:
There are 3 parts to a Credit Service Organization surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Credit Service Organization Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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Iowa Credit Service Organization Bond Information and Requirements:
1. The above-named principal has applied to the Secretary of State for registration as a credit services
organization under IowaCode chapter 538A.
2. If the principal complies with the provisions of Iowa Code chapter 538A and all rules and regulations
promulgated thereunder, and satisfies any loss or damages suffered by the State of Iowa or any person[s]
dealing with the principal resulting from the principal’s violation of any provision of Iowa Code chapter 538A, or
rules and regulations promulgated thereunder, then this obligation shall be void. Otherwise this bond shall
remain in full force and effect. This bond is payable to the State of Iowa for use and benefit of either: (a) [any]
person[s] who is [are] injured by the fraud, misrepresentation, or financial failure of the principal ; or (b) the
State on behalf of any person[s] so injured.
3. This bond shall be one continuing obligation and in no event shall the liability exceed the penal sum of
$10,000 for the aggregate of any claims occurring during the term of this bond.
4. The surety shall have the right to terminate its obligation under this bond by filing written notice of its intent
to cancel the bond with the Secretary of State and the principal at least 30 days prior to the effective date of
such termination. Obligations of the surety arising prior to the effective date shall not be affected by the