Overview of Ohio Phone Solicitor Bond Requirements
Applicants for a phone solicitor registration in Ohio require a phone solicitor bond in the amount of $50,000. This bond must be submitted to the Consumer Protection Section which registers telephone solicitors in the state.
This bond’s purpose is to guarantee that registered phone solicitors will comply with Chapter 4719 of the ORC. In particular, this includes conducting business fairly, honestly and lawfully. If a bonded solicitor is found to have violated the ORC, a claim can be made against their bond. When a claim is made, the bond company has to compensate claimants for any losses and damages, up to the full amount of the bond, also known as the penal sum.
If you’ve never gotten bonded before, you may want to find out more about bonds. See our ‘What is a surety bond’ guide for a detailed explanation of how surety bonds work.
In the sections below you can learn more about how much your bond will cost, how to avoid giving rise to a claim, and how you can get bonded.
You can call us 866.450.3412 anytime if you want to know more about this type of bond or surety bond in general.
Cost of Your Bond
The cost of getting bonded is equal to a fraction of the full bond amount. This type of bond must be in an amount of $50,000. The cost you will need to pay will be a small percentage thereof.
Your exact bond cost is determined when you apply with a surety. The surety will review your personal credit score, because it is considered the most important factor that determines bond cost, but may also want to review your financial statements or receive information about your assets and liquidity.
Applicants who have a high credit score, one of 700 FICO or more, are typically offered the lowest rates on their bonds. Such applicants can expect to get a rate between .75% and 1.5% of the total bond amount.
To find out how much exactly your bond will cost, complete our bond application form and we will provide you with an exact and free quote on your bond!
For a rough estimate of the cost of your bond based on credit score, see the table below!
|Bond Type||Surety bond amount||Above 700||Between 650-699||Between 600-649||Below 599|
|Ohio Phone Solicitor Bond||$50,000||$375-$750||$500-$1,250||$1,250-$2,500||$2,500-$3,750|
Bad Credit Bond Program
Even if you have a low credit score, getting bonded is not an issue!
If you apply through our Bad Credit Program you can get approved for a bond just a fast and easy as applicants with higher scores.
Sureties consider applicants with lower scores a greater risk which is why rates for such applicants are slightly higher. Bond rates are not fixed, and you can get increasingly better rates over time by improving your credit score.
To find out more about the program and to request a quote, see the program page!
Claims Against Your Bond
A bond claim occurs when a bonded business or individual violates the conditions of the bond agreement. For phone solicitors in Ohio the bond agreement states that it is conditioned upon the solicitor’s compliance with sections 4719.01 to 4719.18 of the Ohio Revised Code or any rules that are adopted under those sections.
Actions on behalf of a solicitor that may give rise to a claim against their bond include fraud, misrepresentation, dishonest claims, misappropriation, misrepresentation and more. When a solicitor engages in any of the above and thereby violates the ORC, both the state as well as consumers may be entitled to file a claim against their bond for any damages or losses that they have suffered.
When a claim is filed, the surety will usually extend compensation to claimants to cover for such losses. Compensation may be as high as the full amount of the bond which is $50,000 in this case. But once the surety has covered the claim, the bonded solicitor must reimburse it in full.
Since bond claims can result in very high penalties for businesses as well as damage to their reputation, they are best avoided!
To get bonded, start by submitting our bond application form. We will contact you shortly with more information about finalizing your application as well as with a free and precise quote on your bond.
Once your application is complete, it will take about two working days for your bond to be issued and mailed. You will receive your bond both by standard mail as well as by email.
For any questions about this bond or bonding in general, feel free to call us at 866.450.3412 anytime!