There is a new law in North Dakota that all debt management service providers must follow if they want to be able to perform legal business in the state. The new legislation is called HB 1038r and asks debt management services providers to acquire a 50,000 surety bond while also becoming licensed with the state. This new bill does allow the Commissioner of the Department of Financial Institutions to call for a larger bond amount which would be determined using regulations.
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.