What is an Oregon debt management service provider bond?
Before obtaining a license to become a debt management service provider in Oregon, you must purchase a $25,000 surety bond, according to the Department of Consumer and Business Services.
This bond ensures debt management service providers follow the law and industry standards. If a business acts illegally or unethically, the injured party may file a claim against the bond – up to $25,000.
Get Your Debt Management Service Provider Bond:
How much does an Oregon debt management service provider bond cost?
This bond may be subject to underwriting and may require a credit check. Get bonded for as low as 1% of the total bond amount with ZipBonds. You can apply on our website to get started!
Who needs this bond and why?
In Oregon, a debt management service provider includes anyone who performs the following services:
- Debt settlement or consolidation
- Credit repair
- Budget counseling
- Home loan modifications
- Short-sale negotiations
If you wish to help the public with their debt, you must obtain a surety bond before you can register to operate in the state. The bond protects the public against illegal or unethical acts performed by the debt management business. See ORS 697.662 for a list of prohibited practices.
How does a debt management service provider apply for registration in Oregon?
Follow these steps to register with the Nationwide Multistate Licensing System (NMLS).
- Obtain a $25,000 surety bond.
- Compete a background check.
- Complete a credit check authorization.
- Upload a copy of the sample agreement and any disclosures to the NMLS.
- Upload a sample budget worksheet to the NMLS.
- Provide proof of current business registration to the Secretary of State.
- Pay a registration fee of $350.
How to Get a Debt Management Service Provider Bond in Oregon
ZipBonds offers the fastest and most secure option for getting the surety bonds you need. Our all-digital platform is intuitive and straightforward. Apply online or call us at (888) 435-4191 to speak with an agent. Most of our bonds are approved and processed immediately from our site.
Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”
Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.