How much does a legal document assistant bond cost?
The cost of your legal document assistant bond is a fraction of the full amount of the bond that’s required by your state. Currently, only the state of California requires individuals to obtain this type of bond in order to become licensed professionals. The amount of the bond in California is $25,000.
The premium that you will have to pay for your bond will depend on your application. At standard market rates, you can usually get your bond for between $188 and $750.
Sureties determine the rate they charge to issue a bond on the basis of the applicant’s financial standing, which is measured using the applicant’s personal credit score and financial statements. Personal assets, applicant liquidity, and professional experience also play a part in determining the exact cost.
Credit score is the most important of these factors. Applicants who have a FICO score of 700 or above typically receive the lowest rates on their bond. The table below features a breakdown of the different ranges of bond rates, depending on the credit score of an applicant.
|Bond Type||Surety Bond Amount||Above 700||Between 650-699||Between 600-649||Below 599|
|California legal document assistant bond||$25,000||$188-$375||$250-$750||$625-$1,250||$1,250-$2,500|
Options for applicants with bad credit
Applicants who have a low credit score but still want to get bonded can do so through our Bad Credit Program. Thanks to our program, those who don’t qualify for standard market rates have the possibility to still get a bond, for only a slightly higher rate.
Our program has been designed to assist individuals with all sorts of credit scores, to get their surety bond in order to also obtain their professional license. By getting bonded, those applicants can then continue down the career path they have chosen, and work on improving their credit score.
Applicants under this program have to pay higher rates due to the increased risk that sureties assume when issuing bonds to them. The exact cost that applicants will need to pay is determined for each applicant individually, based on their application. Have a look at the Bad Credit Program page for more details around getting a bond or a free quote, or consult our bond experts about the best course of action.
What is the purpose of the legal document assistant bond?
The legal document assistant bond’s purpose is to provide protection to clients of bonded individuals. The bond guarantees that bonded individuals will comply with the requirements of the California Business and Professions Code, and conduct business professionally.
If a legal document assistant violates the Code through fraud or dishonesty, the parties that are harmed by their actions can file a claim against their bond to receive compensation. The surety which has issued the bond to the legal document assistant then investigates the case and determines whether or not compensation should be extended to claimants. If it decides to extend compensation, it also determines the amount of the compensation, which can not be more than the full amount of the bond (in California’s case, $25,000).
Bonded individuals who have a claim filed against their bond are legally obliged to repay the surety for any compensation it extends to a claimant. For that reason, the best course of action is to always steer clear of situations that could give rise to a claim, or that create unnecessary losses to any party.
How to get a legal document assistant license
To become a legal document assistant in the state of California, individuals will need to apply at the office of their local county clerk. Upon applying for a license, applicants may be required to present the following documents and items:
- Completed legal document assistant application form
- Personal information and photo
- $25,000 legal document assistant bond
- $175 application fee (for each county of registration)
- Paralegal education certification or other, applicable, education credentials
Contact the office of your local county clerk to receive more information regarding the licensing procedure in your county for legal document assistants.
To find out more about what you need to do to get bonded, or if you need help with your application, contact us at 866.450.3412. Our surety professionals will be happy to provide you with more information regarding your legal document assistant bond.