Virginia Travel Club License Surety Bond
The State of Virginia law requires Travel Clubs, meaning “for-profit organizations” that charge advance fees or an annual charge for membership greater than $100, for the privilege of arranging or obtaining future travel services from the organization.
Travel Clubs must register with the Virginia Commissioner of the Department of Agriculture and Consumer Services, in addition, they must file a Travel Club Surety Bond with the commissioner in an amount of $60,000 - $100,000. The amount of bond required is dependent upon the number of travel contracts with its members.
|Number of Contracts
|| Amount of Bond Required
|0 - 1500
|1501 - 1750
|1751 - 2000
|2000 or more
The surety bond guarantees that the licensee shall faithfully and truly fulfill all of its obligations under the Virginia Travel Club Act.
In addition, any deposit(s) made in connection with the execution of a travel services agreement shall be held in escrow. All cash deposits shall be held in a separate bank account labeled and designated solely for that purpose. The travel club must post a fidelity bond in a minimum amount of $25,000 or an amount equal to the deposits held in escrow, whichever is greater. This bond is to provide security for the escrow account that the travel club is required to maintain. When applying for your Virginia Travel Club, inform the underwriter that you will also need the Fidelity Bond.
Be sure to verify your requirements by reviewing the Virginia Travel Club Act requirements
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