Overview of Pennsylvania Telemarketing Entity Bond Requirements
Applicants for a telemarketer license in the state of Pennsylvania must obtain a telemarketing bond in the amount of $50,000 when applying for the license. The bond must be submitted to the Office of Attorney General.
The purpose of this bond is to guarantee that licensed telemarketers comply with the Telemarketer Registration Act which sets out the rules for conducting telemarketing in the state. The bond also serves the function of protecting against violations by telemarketers of the Act, and in particular those specified in Section 5 of the Act.
When such a violation occurs, a claim can be filed against the bond by anyone who has suffered a loss as a result of such a violation. Under a bond claim, compensation can be extended to claimants for a maximum amount as high as the full amount of the bond, also known as the penal sum.
If you are new to surety bonds, our detailed ‘What is a surety bond’ guide can help you understand what bonds are and how they work!
See the sections below for information about the cost of this bond, what can give rise to a claim, and how to get bonded!
For any additional questions about this bond or other bond-related questions, call us at 866.450.3412 to speak to one of our surety experts!
Your bond's cost is a fraction of the full amount of the bond, which is $50,000.
The exact rate at which you can get bonded is determined by the surety when you apply for a bond. The surety will primarily review your credit score, as the most important factor determining bond cost, and possibly also your financial statements and other financial information. If you have a high credit score, one of 700 FICO or above, you can expect to get a very low rate on your bond. Typically the higher your credit score, the lower your bond rate.
For applicants with very high scores, rates on this bond vary somewhere between .75% and 1.5% of the bond amount.
To get a quick estimate of your bond’s cost, try our bond calculator or see the table below for a tentative rate based on credit score. For a precise quote on your bond, see the section about getting bonded below!
Surety Bond Cost Calculator
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|Surety bond amount||Above 700||Between 650-699||Between 600-649||Below 599|
|Pennsylvania Telemarketing Entity Bond||$50,000||$375-$750||$500-$1,250||$1,250-$2,500||$2,500-$3,750|
Bad Credit Bond Program
Even though your credit score may not be perfect, you don’t need to worry about whether you can get bonded or not!
Thanks to our Bad Credit Program, applicants who currently have a lower credit score, can obtain this bond just as easily as all other applicants. The only difference is that rates under this program are slightly higher, because sureties perceive low credit score as an indicator of greater risk. But for those applicants who improve their credit score over time, bond rates are also sure to improve as well!
See the program page if you’d like to find out more about getting a bond with lower credit or to request a quote!
Surety bonds are financial security agreements that guarantee that the bonded party is backed by the surety. In the case of a claim against the bond, when compensation must be extended, the surety can extend compensation to claimants up to the full amount of the bond. In return, under the bond agreement, the bonded telemarketer must repay the surety in full for any such compensation.
According to the Telemarketer Registration Act, this bond is intended to provide compensation to anyone who suffers a loss in instances in which a telemarketer engages in fraud, misrepresentation or violates the provisions of “Section 5. Unlawful acts and penalties” of the Act.
Violations of this section include violating business obligations, such as not complying with the proper times for conducting telemarketing, calling people who have requested not to be called, failing to disclose the purpose of the call, and so forth. Further violations that may lead to a claim being made against the bond are violations of the Unfair Trade Practices and Consumer Protection Law.
Since bond claims can be costly and difficult to deal with, and may cause a great deal of reputational damage, the best course of action for telemarketers is to remain compliant with these statutes at all times!
Apply for Your Bond Here!
Want to get a free quote and apply for your bond? Complete our bond application form and we will provide you with a free and precise quote as well as with additional instructions on finalizing your application.
It will take about two working days for your bond to be issued once your final application is in. We will then send you your bond via standard mail as well as a digital copy via email.
For any bond-related questions, call us at 866.450.3412 anytime!