A new bond requirement has been added to Maryland state legislation. The new law, which is named SB 741/HB 1022, requires debt settlement service providers within the state to acquire a $50,000 surety bond in order to register with the state. The surety bond must be written by a state authorized surety company and debt settlement service providers must have one in order to operate legally.
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.