Overview of Florida Credit Services Organization Bond Requirements

Title XLVI, Chapter 817 of the 2017 Florida Statutes requires that all applicants for a Credit Services Organization license in Florida post a surety bond as part of the licensing process. The Credit Services Organization bond should be posted to the Department of Banking and Finance, which is the official licensing authority in that case.

The purpose of this bond is to protect the clients of the credit services organization as well as the state of Florida. It essentially guarantees the business practices of the credit services organization are lawful and in legal compliance with the specific regulations.

In case the principal, which in this case is your business, breaks the agreement that goes with the surety bond, the affected party may file a claim for compensation against the bond. The compensation can get as high as the full amount of the bond. Even though the penal sum is initially covered by the surety company, in the end it’s up to the principal to reimburse the full amount.

Start your surety bond application today! Why us?
  • The lowest possible rates
  • A 100% money-back guarantee
  • Access to specialty programs, not available to small agencies

If you are not familiar with the bonding process and you need someone to walk you through it in person - call our experts at (866)-450-3412!

Florida Credit Services Organization Bond Cost

The total amount of the CSO bond is $10,000. The actual sum you will be paying on a regular basis, however, is just a fraction of the full amount of the bond. As the surety underwrites the bond, the estimation of your cost is based on various factors being taken into account. The surety will be looking at your financial statements, assets and liquidity, tax liens, bankruptcies and most importantly - the status of your credit score.

The bonding rate that you will be offered will be largely based on your credit score, with the higher the score is, the lower the rate you get offered. Applicants with scores above 700 FICO will typically receive a rate between 0.75% and 1.5% of the total amount of the CSO bond.

If you want to get a specific estimate of your bond cost based on your credit score, refer to the table below.

Bond Cost Based on Credit Score
Surety bond amount Above 700 Between 650-699 Between 600-649 Below 599
Florida Credit Services Organization Bond $10,000 $100-$150 $100-$250 $250-$500 $500-$750

Bad Credit Bond Program

If you have low credit score or even no credit history - don’t worry. You still have a chance of getting a proper bonding rate, thanks to our Bad Credit Program!

Rates under this program are higher as applicants with low credit score present a bigger financial risk for the surety company. The usual rates for bad credit bonding usually vary between 5% and 15%. However, Bryant Surety Bonds works with a long list of surety companies. This means our experts will apply to as many surety companies as necessary to get you the best rates possible.

In Case of a Surety Bond Claim

As mentioned, under Title XLVI, Chapter 817 of the 2017 Florida Statutes all Credit Services Organizations in Florida need to comply with a list of obligations. Among the prohibited acts under the chapter are various frauds and false pretenses as well as credit card crimes.

If and when a credit services organization commits any violation of the applicable law and regulations, any party who suffers a damage by that very violation can file a claim against the bond. After the claim is investigated and if it’s found legitimate, it’s up to the surety to cover the losses, up to the full amount of the bond initially. In the end, the bonded organization will still have to repay the surety.

Apply for Your Bond Today!

Are you ready to apply for your Florida Credit Services Organization bond? You can begin now, by filling out our online application form. We will quickly get back to you with a free bond quote, along with any other information you might need in order to finish your application.

Once we receive your complete application, it will take up to two working days for the surety to issue your bond. After it’s ready, we will mail it back to you!

Start your surety bond application today! Why us?
  • Quick turnaround - just 1-2 business days
  • Tailor-made advice on building a strong application
  • Exclusive bad credit programs

Still having questions? Don’t hesitate but reach out at (866)-450-3412. Our experts are here to help you with any information you might need about your credit services organization bond!


About the author:
Todd Bryant
Todd Bryant is a graduate of Germantown Academy and the University of Pittsburgh College of Business Administration Honors College. He has been President of Bryant Surety Bonds, Inc., an A+ rated Business with the Better Business Bureau, since 2007. Licensed as a producer with the Department of Insurance, he has been published in the National Association of Surety Bond Producers newsletter and on numerous authoritative publications such as The Washington Post, Entrepreneur.com, Azcentral.com and many more.