What are License and Permit Bonds?
Consumers or state are protected from fraudulent practices or ham by guaranteeing their business. They are regulated by local, federal or state government and each license bond vary of its type of profession.
Types of License and Permit Bonds
- Contractor License Bonds– for contractors
- Motor Vehicle Dealer Bonds– for car dealers
- Collection Agency Bonds– for collection agencies
- Freight Broker Bonds– for freight brokers
- Money Transmitter Bond– for money transmitters
- Notary Bonds– for notary publics
How much do License and Permit Bonds Cost?
Some License and Permit Bonds can be issued instantly, while in certain ocassions the cost may be determined and must be reviewed by an underwriter. For being approved, the credit and financial history has to be taken in consideration. They usually goes to 1% of the bond amount.
How do License and Permit Bonds Work?
Works by guarateeing to the costumer or state that their business Will operate ethically by the guidelines of the local, federal or state government. It acts similar as an insurance policy.
How long does it takes to get a License and Permit Bond?
It may be given the same day as the application is received but they are a lot of different factors that may delay the process that goes from the type of bond to the time of consideration that the financial and credit history may take.
