California Credit Services Organization Surety Bond
A California Credit Services Organization is defined as a person who, with respect to the extension of credit by others, sells, provides, or performs, or represents that he or she can / will sell, provide or perform, any of the following services in return for the payment of money or other valuable consideration: 1. Improving a buyer’s credit record, history or rating. 2. Obtaining a loan or other extension of credit for a buyer. 3. Providing advice or assistance to a buyer with regard to credit.
The State of California requires any business that is acting in the capacity of a credit services organization must first obtain a Credit Services Organization Surety Bond in the amount of $100,000.
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