What is the purpose of a California Deferred Deposit Bond?
The California Deferred Deposit Bond is required by the State of California, Department Business Oversight. The amount for the Deferred Deposit Bond is set at $25,000. California Deferred Deposits Transactions Law (CDDTL) licensees must always have the Deferred Deposit Bond worth $25,000. The bond is used for the recovery of expenses, fines, and fees levied by the Commissioner as the result of a licensee’s noncompliance with the requirements of the CDDTL.
What are the requirements in order to get a California Deferred Deposit Transaction Law License?
To qualify, the following requirements must be met:
- Submit an application for each location, which should include fingerprint information for the applicant and the partners and all key persons involved in the operation.
- Pay an application fee of $200 and an investigation fee of $100.
- Pass your financial statements which show that you have a net worth of at least $25,000.
- Submit a surety bond amounting to $25,000.
How do I obtain a California Deferred Deposit Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety Solutions Insurance Services, Inc. (Surety1) are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.