License and Permit Surety Bonds are types of commercial surety bonds which are normally required by states and municipalities in order to obtain a license in a given industry. They seek to ensure that a licensed entity or business will perform its work according to a specific state statute or statutes which govern or regulate an industry. The state or federal entity will require a bond to go along with the license, so many types of individuals and businesses need this type of bond in order to operate. If the licensee fails to uphold the terms of his license, he or she may lose such license and face a possible claim or claims on their License Bond. If a claim is filed on the License Bond, the Surety will generally investigate it in detail prior to payment of any such claim. If it is determined to be a legitimate claim, the Surety will pay the claim as required. The Surety will then require the principal to reimburse them in the amount paid as well as legal fees incurred in the process.
Typically, a license & permit bond that is required by a municipality in order to do work there are approved & processed within 24 hours.
Other types of License Bonds that we can approve just based on personal credit are:
Motor Vehicle Dealer Bond – sometimes also called a DMV bond, used car dealer bond, or auto dealer bond, guarantees that the motor vehicle dealer complies with all federal laws, state laws, local laws, and tax and judgment guidelines that relate to motor vehicles. The bond also ensures that if the dealer or any of its employees commits fraud or other actions that are wrongful to the consumer, the consumer is protected from any consequence arising from those actions.
Florida Contractor License/Stability Bond – This type of bond is for those looking to get a Financially Responsible Officer bond, but their credit doesn’t qualify. Florida Law requires all construction contractor applicants to establish that they are both financially responsible and financially stable prior to issuance of their licenses. If the applicant has a 660 FICO derived credit score or lower this bond is required. The amount of the bond or letter of credit depends on the type of license sought: $20,000 for Division I contractors or $10,000 for Division II contractors, per the Florida Department of Business & Professional Regulation Licensing Board.
For more information, or to apply for a license & permit bond, please email us at email@example.com