The State of Indiana implemented a new law relating to debt-management service providers. The new law, which is referred to as SB 428, modifies the surety bond requirement for debt-management service providers. The previous law required a $25,000 surety bond conditioned on the truthful execution of the Department’s policy and regulations and compliance with the State’s legislation. SB 428 states that the Director will establish the quantity of the surety bond being required and the standards pertinent to the bond.
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.