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Maine Surety Bond Overview
Many types of businesses in Maine need a professional license before operating legally in the state. Obtaining a surety bond is often required during the licensing process. Bryant Surety Bonds underwrites all types of Maine surety bonds. We can help your business, with our expert knowledge and practical experience in bonding.
We also offer our Bad Credit Surety Bond Program, in order to assist applicants with problematic finances to get the bond they need. Because of our close relationships with a number of A-rated and T-listed surety bond companies, we can match your circumstances with the best bonding option. That’s why you’re guaranteed to get a top bond price with us, whatever your credit score is.
We’ve compiled a full overview of Maine surety bonds below. If you’re ready to get started, you can apply online today.
You can locate the exact Maine surety bond that you have to post in the table below. For any questions, we are available at (866)-450-3412.
Find the Bond You Need
Investment Advisor (Blue Sky) BondMaine Securities DivisionUniform Surety Bond
Collection Agency BondOffice of Consumer Credit RegulationDebt Collector/Repossession (Continuous)
Debt Consolidators BondBureau of Consumer Credit ProtectionDebt Management
Professional Fund Raisers BondDepartment Of Professional & Financial RegulationProfessional Solicitor or Commercial Co-Venturer
Insurance Agents/Brokers BondBUREAU OF INSURANCEInsurance Consultant's License Bond
Insurance 3rd Party Administrator BondDept of Professional & Financial RegulationsInsurance 3rd Party Administrator Bond
Mortgage Broker (1st & 2nd Mortgages) BondOffice of Consumer Credit RegulationLoan Broker
Mortgage Lender/Banker (1st & 2nd Mort.) BondBureau of Consumer Credit ProtectionSupervised Lender
Small Loan Companies BondState Of MaineLOAN BROKER
Auto & Mobile Home Dealers (New & Used) BondBureau of Motor Vehicles - Dealer and Agent ServicMotor Vehicle Dealer
Auto & Mobile Home Dealers (Used Only, No New) BondBureau of Motor Vehicles - Dealer and Agent ServicMotor Vehicle Dealer
Detectives BondState of Maine - Department of Public SafetyP.I., Investigative Assistant, or Contract Securit
Employment Agencies BondMaine Dept of LaborNonprofit Organization Bond
Professional Licenses (All Other) BondState of Maine Bureau of Consumer Credit ProtectioResidential Real Estate Property Peservation Servi
Professional Licenses (All Other) BondPayroll Processor Rocovery FundPayroll Processor Bond
Turnpike/Bridge Toll BondMaine Turnpike AuthorityTurnpike/Bridge Toll Bond
Utility Deposit BondCentral Maine Power CompanyRetail Store Bond (Central Maine Power Company)
Telemarketing/Phone Solicitor BondOFFICE OF PROFESSIONAL AND OCCUPATIONAL REGULATIONTransient Seller of Consumer Merchandise Bond
Types of Maine Surety Bonds
Bryant Surety Bonds offers the full selection of Maine surety bonds. Whether you need a license bond, contract bond, or court bond, we can get you bonded.
- License and permit bonds are required from businesses that want to get licensed in a certain field.
- Construction contractors are often asked to post contract bonds for public or private construction projects.
- We also underwrite Maine court bonds, which you might be asked to post by a Maine court.
We can help you identify the bond you need, and answer any questions you might have regarding the bonding process. Just call us at (866)-450-3412. Keep reading for more about each category of Maine surety bond.
Maine License & Permit Bonds
Getting licensed is often required by a state, local, or city authority that regulates your trade. Depending on the type of business, you might have to provide a license and permit bond to be allowed to operate legally.
Maine surety bonds are required by licensing bodies to ensure the lawful and diligent work of licensed businesses. In this sense, they protect the general public from misuse and fraud.
Your Maine surety bond works like an extended line of credit for your business. It guarantees your compliance with the law. In case you don’t follow the rules set for your trade, a claim can be made on your bond. Claimants can be reimbursed up to the penal sum of your bond if the case is proven.
The most common Maine license and permit bonds are:
- Maine auto dealer bond
- Obligee: Maine Department of the Secretary of State Bureau of Motor Vehicles
- Bond amount: $5,000-$25,000, depending on the number of sold vehicles
- Maine mortgage broker bond
- Obligee: Maine Office of Consumer Credit Regulation (OCCR)
- Bond amount: $25,000
- Maine payroll processor bond
- Obligee: Maine Department of Professional and Financial Regulation
- Bond amount: set on an individual basis
Maine Contract Bonds
Another type of common Maine surety bonds are [contract bonds](/contract-bonds]. They are used in private and public construction projects. Construction contractors need to obtain them for particular projects, on a per-project basis.
The goal of contract bonds is to safeguard the interests of the project owners, by guaranteeing contractors’ performance. Contract bonds are a safety net in case of defaults, or non-fulfilment of contractual obligations, by contractors.
The most common contract bonds include:
Maine Court Bonds
In some special cases, a Maine state or local court can require from you to post a court bond. This type of bond is not commonly underwritten, but Bryant Surety Bonds does offer them as well.
The cases in which you might be asked to obtain a court bond include:
- To bring a court case to an appellate court, you have to get a supersedeas bond, also known as an appeal bond.
- To become a fiduciary (guardian of property or assets of another person), a Maine probate court can ask you to obtain a fiduciary bond.
Surety Bond Cost in Maine
The surety bond amount that you are asked to post and your actual surety bond cost are two different things. The bond amount is the highest penal sum that might be used to reimburse affected parties in case of proven claims.
The surety bond cost, however, is only a percentage of this amount, called the bond premium. The usual percentages are between 1% and 4% for standard bonding market applicants. For example, If you are a Maine auto dealer who needs to post a $15,000 Maine surety bond, you might have to pay only $150-$450.
Your exact bond premium is determined after a thorough examination of your personal and business finances. The surety needs to take a close look at your financial stats and the overall condition of your company. With stronger indicators, you get a lower bond cost, as the risk of getting you bonded is smaller.
The most important criteria that are examined are:
- Your personal credit score
- Business finances
- Assets and liquidity
- Business experience
To get an idea of your bond price, you can use our surety bond cost calculator in the right sidebar of the page. For an exact Maine surety bond cost, you can submit your complete application today.
How to Get Bonded in Maine
Getting your Maine surety bond has never been easier! You can easily apply online today to get a free bond quote. After completing the full application and attaching all necessary documents, we will assess your case and provide you with your bond price in no time.
Once you’ve purchased the bond you need, don’t forget to keep a copy of the original bond form for your reference.
Have more questions regarding the bonding process? Read more about how surety bonds work here.
Bryant Surety Bonds’ experts are committed to assisting you throughout your bonding. For any questions, just call us at (866)-450-3412.