Overview of Washington Seller of Travel Bond Requirements
When applying for a seller of travel license in Washington, you will be asked to submit a seller of travel bond in an amount between $10,000 and $50,000. You must provide the bond to the Business Licensing Service when submitting your license application form.
The bond functions as security and guarantee that licensed and bonded sellers of travel will comply with the provisions of Chapter 19.138 of the RCW.
If a seller of travel violates any of those rules causing financial losses to their customers or to the state of Washington, a claim can be filed against their loss. Bond claims can potentially result in compensation being extended by the surety as high as the full penal sum of the bond.
For first-time bond applicants, surety bonds may be difficult to understand. For a comprehensive and detailed explanation of bonds, see our ‘What is a surety bond’ guide!
To find out more about the cost of your bond, what happens when a claim is made against a bond, and how to get bonded - keep reading!
If you have any questions about the bonding requirements for sellers of travel in Washington, call us at (866)-450-3412!
The cost of your bond is a small percentage of the full amount of your bond. This bond’s amount can range between $10,000 and $50,000. The exact amount of your bond is determined by the Director of the Department of Licensing when you apply for your license, based on “gross income of business conducted for Washington state residents by the seller of travel during the prior year.”
Typically, surety companies review applicants’ credit scores when determining the cost of their bond. The higher your credit score, the lower your cost will be. If you have a score of 700 FICO or above, for example, you can expect to have a particularly low rate, somewhere between .75% and 1.5% of the full amount of your bond.
If you want to know how much exactly it will cost to get bonded, complete our bond application form and we will provide you with a free and precise quote on your bond!
See the table below to get a general idea how much your bond might cost, based on different credit scores!
|Washington Seller of Travel Bond||Surety bond amount||Above 700||Between 650-699||Between 600-649||Below 599|
|$199,999 or less in gross annual income||$10,000||$100-$150||$100-$250||$250-$500||$500-$1,000|
|Between $200,000-$499,999 in gross annual income||$20,000||$150-$300||$200-$500||$500-$1,000||$1,000-$1,500|
|Between $500,000-$749,999 in gross annual income||$30,000||$225-$450||$300-$750||$750-$1,500||$1,500-$2,250|
|Between $750,000-$999,999 in gross annual income||$40,000||$300-$600||$400-$1,000||$1,000-$2,000||$2,000-$3,000|
|$1,000,000 or more in gross annual income||$50,000||$375-$750||$500-$1,250||$1,250-$2,500||$2,500-$3,750|
Bad Credit Bond Program
Your credit score may not be perfect, but you can still get bonded easily and quickly.
Our Bad Credit Program makes bonds accessible to applicants who have low or nonexistent credit scores. The only difference to bonds issued to applicants with higher scores are the higher rates under this program.
Yet, by improving your credit score consistently over time, you can get increasingly better rates on your bonds!
For more information regarding this program and to request a quote, visit the program page!
When an individual or business get bonded, they agree to comply with the conditions of the bond. When they violate those conditions which may result in losses or damages to the state or the public, a claim can be made against the bond.
This bond is conditioned upon the seller’s of travel compliance with Chapter 19.138 of the RCW, and any rules and regulations adopted by the Director of the Department of Licensing pursuant to this chapter. Chapter 19.138 spells out all the conditions of conducting business as a seller of travel in the state of Washington. If they are violated, a claim can be filed against the bond by any person (or the state) who has suffered losses or damages as a result.
The surety company that backs the bond may then extend compensation up to the full bond amount to claimants. In return the bonded seller of travel will be required to repay the surety in full.
Bond claims can be complicated and costly to deal with. To avoid getting caught up in a bond claims process, sellers of travel are advised to comply with all legal provisions at all times.
Get Bonded Here!
Get started with the bonding process by completing our bond application form. You will then receive a free and exact quote on your bond and further information on finalizing your application.
It will take about two working days for your bond to be issued and sent to you. You will receive your bond by standard mail as well as a digital copy by email.
If you have any questions about getting bonded or required assistance with your application, call us at (866)-450-3412 anytime!