Immigration Consultant Bond Overview
Immigration consultants in some states need to post an immigration consultant bond along with their application. The main purpose of these bonds is to protect the clients of immigration consultants, by assuring that they are represented to the best of the consultant’s abilities, that their paperwork is properly prepared and filed, and that they do not suffer financial loss as a result of working with the consultant.
Like other surety bonds, immigration consultant bonds are an agreement between three parties: a principal (the consultant), an obligee (the state), and a surety (a bonding company). If the principal violates the bond agreement, a claim can be made against their bond. Proven claims need to be compensated in full by the surety, which will then seek reimbursement from the principal.
Immigration Consultant Bond Cost
Each surety bond has a total bond amount, which signifies the maximum penal sum of the bond. It is up to each state to determine that amount. For example, California immigration consultant bonds offer a $100,000 coverage, while these in New York and Utah require half that amount: $50,000. This means claims can be made against the bond until the sum is exhausted.
Immigration consultants are, naturally, not required to pay the total bond amount. Instead, they pay in premiums– once a year in Utah and New York, or once every two years in California. Other states may have different required amounts, so always check with your local authorities. The premium depends on the surety bonds company which underwrites it. Bonding companies are primarily interested in your credit report. If it’s clean and you have a high credit score, you may pay somewhere between 1% and 3%.
Other factors can also influence your premium. You can learn all about them by reading our surety bond cost guide. You can also use our cost calculator, but remember that the only way to get an exact quote is by submitting our online application.
Immigration Consultant Bonds with Bad Credit
The reason why surety bond underwriters look into your credit report is to evaluate the risk they undertake when signing the bond. An applicant with bad credit or credit issues, such as past delinquencies, tax liens, or civil judgments, is considered a high risk. This is why premiums for such applicants can go up to 10% of the total bond amount.
Bryant Surety Bonds has a strong Bad Credit Program, thanks to which you can get bonded at the best possible prices. Our surety bond agents work with each applicant individually, so they can strengthen their application and reduce their premium.
Apply for your Immigration Consultant Bond Today!
To apply for an immigration consultant bond, you can submit our straightforward one-page online application. Once it’s submitted, we will contact you with your free bond quote and help you with your paperwork.
Most of the time, processing is quite fast, meaning we can get you bonded in as little as one or two business days. Digital copies of your bond are available by email and the original bond will be mailed to you as soon as it’s signed by the bond underwriter.
Staying out of bond claims
Surety bond claims can be filed against your immigration consultant bond if you have violated the bond agreement in any way, which may include misrepresentation of the client, charging unauthorized fees, or not following filing procedures.
Each state has very particular requirements as to what is authorized, so you should be well acquainted with them in order to stay out of unexpected claims. If a claim should happen, the bonding company will be responsible for paying the claim in full. You will then have to reimburse the surety for all incurred losses.
Keeping documentation well-organized is important, so that you can fight a claim in court if a groundless or erroneous claim is filed against you. It will make it easier to defend your case, and you may even get help from your bond underwriter.