Enactments in Credit Counseling/Debt Management Bonds

The state of Minnesota does not completely adjust the license bond requirement for debt management suppliers. The new law gives the Commissioner the ability to briefly waive any licensing requirement for good cause shown, and bonding is necessary for licensing.

The state of Pennsylvania calls for debt management services providers to be licensed and bonded. Immediately before the bill was passed, it was changed so that the bond amount is more than the total amount of Pennsylvania consumer funds that the applicant will hold openly or in trust at any point in time. As it was originally stated, the bill would have required the bond amount to be $100,000.00.

Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.

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