Licensing for South Carolina Private Investigators

Nov 8 Posted on

private investigator

South Carolina private investigators must be licensed and bonded before they can legally work in the state. Both private detective agencies and their employees must submit applications for licensure, but only agencies need a bond.

Private investigators’ license and surety bond

Private investigators�agencies and employees�apply for a license through the South Carolina Law Enforcement Division (SLED). New business applicants need to gather the following information to submit to SLED:

Applicants must have three years’ experience as a law enforcement officer, employee of a licensed private investigator agency, or as an investigator for a government agency or another organization that is exempt from private investigator agency licensing. There are some criteria that render an applicant ineligible for licensure, including being under 18 years of age, not being a U.S. citizen, and conviction of a felony. Private investigator agency employees apply on the same form as armed and unarmed security guards, however investigators cannot choose a distinction because they are not legally allowed to be armed.

Private investigators renewing their license must submit proof of at least 12 hours of continuing education over the previous 24 months, or six hours per year. It is agency licensees’ responsibility to ensure their employees meet continuing education requirements. Consult SLED’s FAQs for private detective applicants with more questions about licensing requirements.

The state of South Carolina requires private investigator agencies to get a $10,000 surety bond to protect against loss to the state and to consumers. Should a private investigator violate a state law and incur fines or cause damages to a consumer, and then close their business to avoid the fines, the surety bond provides a way to recover those unpaid charges. Private investigators should note that they must reimburse the surety for any claims paid from their bond.

Ready to become a South Carolina private investigator? Get started by getting bonded with Single Source Insurance!�

Read More »

How To Get A Virginia Auto Dealer License

Nov 6 Posted on

Virginia motor vehicle dealers

Virginia motor vehicle dealers need to be licensed and bonded, as do dealers in most states. Keep reading to learn how the process works, or apply to get bonded today.

Get Bonded

Virginia Auto Dealer License Requirements

To get a Virginia motor vehicle dealers license, you must apply through the Commonwealth’s Motor Vehicle Dealer Board (MVDB). On the license application, dealers specify whether they will be a franchised or independent dealer. Franchised dealers have agreements with a vehicle manufacturer to sell their vehicles—whether new or used—while independent dealers sell only used cars.

Information Needed

Some of the information dealers need to provide to the MVDB includes:

License Prerequisites

The MVTRF Fund is used to reimburse consumers who have suffered damages because of a dealer’s illegal practices.�There are some other prerequisites for a Virginia auto dealer license:

  • Must have exclusive dealership space of at least 250 square feet
  • Must maintain dealer records as required by��46.2-1529 of the Code of Virginia
  • Must display business hours (at least 20 hours per week, 10 of which must be between 9 a.m. and 5 p.m. Monday through Friday)
  • Office must have a desk, chair, filing space, working business telephone listed to the dealership, internet connection, and email address
  • Space to display at least ten vehicles
  • Become a licensed salesperson (licensed dealer and employees that are salespeople)
  • Get a $50,000 surety bond�
  • Training courses as required

All license requirements can be found in the MVDB’s New Dealer Packet. You can find all the forms needed for application or renewal on the MVDB’s website.

VA Dealer Bonds

The standard surety bond required of Virginia motor vehicle dealers is a $50,000 bond. Dealers in the Commonwealth need to renew their surety bond for the first three years of licensure, plus the $350 MVTRF Fund fee. After three years, if no claim has been made against the dealer’s bond or against the Fund in their name, the dealer no longer needs to renew the surety bond. In addition, the annual $350 Fund fee drops to $100.

Get Bonded

Motor vehicle dealers can opt not to participate in the Fund at the time of license renewal. In this case, they need to post a $100,000 surety bond. Dealers only have this option as long as they have not been the subject of a bond or Fund claim for at least three years.

The bond serves as dealers’ guarantee that they’ll adhere to the provisions of the Code of Virginia pertaining to their license. If they do not, and a consumer suffers losses as a result, the bond provides a means of reimbursement.�Individuals can receive no more than $25,000 per claim on a $50,000 dealer surety bond, and no more than $20,000 per claim on a $100,000 dealer bond.

Ready to get bonded as a Virginia auto dealer? Get in touch with Single Source Insurance today!

Read More »

Oregon Financial Businesses to Use NMLS

Nov 3 Posted on

financial businessess

The Oregon Division of Financial Regulation has begun using the Nationwide Multistate Licensing System (NMLS) to accept applications for mortgage servicer and debt buyer licenses. The license applications were available through the NMLS beginning on November 1, 2017. Financial business licensee applicants in the state—including mortgage servicers—must also begin submitting Electronic Surety Bonds (ESBs).

Many states have adopted use of the NMLS for mortgage loan businesses, money transmitters, and other financial businesses. The system is not a substitute for state licensing entities, rather it serves as a state and federal record of all licensees�mortgage servicers, originators, lenders, collection agencies, etc. Most licenses issued by the Division already accept applications through the NMLS; mortgage loan servicers and debt buyers are both new licenses.

The mortgage loan servicer license is established from a mortgage loan originator license—a business offering both services needs both licenses. Mortgage loan servicers’ licensing rules are still being established, but the Division will begin issuing licenses on January 1, 2018. The Division asks for this and more information:

  • Any business trade names
  • Registered agent in Oregon
  • Completed MU-3 for any branch locations
  • $960 license and registration fee plus $100 NMLS processing fee
  • $15 for credit report for each control person
  • $36.25 for criminal background check for each control person
  • $50,000 surety bond
  • Financial statements less than six months old
  • Proof of each control person’s good character, financial responsibility, and general fitness to operate a financial business

Debt buyers’ licensing law takes effect on January 1, 2018 and separates them from collection agencies. These financial businesses submit much of the same information as other businesses, and pay a $450 licensing fee plus the $100 NMLS fee. Currently, they don’t have a surety bond requirement.

In conjunction with moving application submissions to NMLS, the state of Oregon has begun using ESBs for licensees’ bond requirements. ESBs have been adopted for several states’ licenses, and make it easier to track and maintain the bond. ESBs are no different from surety bonds—besides being a digital rather than physical document. The state of Oregon began using ESBs for financial businesses in April 2017. The state plans to convert surety bonds to ESBs for all financial businesses licensed through the NMLS (and that require a bond) by December 31, 2018. Those that do not convert their bond may be barred from license renewal.

Questions about ESBs or Oregon mortgage servicer surety bonds? Single Source Insurance is here to help!

Read More »

Arkansas Collection Agencies Need a Surety Bond

Nov 1 Posted on

�collection agencies

Collection agencies that are located in or that contact consumers in Arkansas need to be licensed and bonded. Here’s how to get a license and surety bond in the state.

Arkansas collection agency licensing

The state defines collection agencies as third parties collecting on a client’s behalf, meaning that companies that collect on accounts for themselves are not included in that definition. They receive licenses through the Arkansas State Board of Collection Agencies. Collection agency licensees need to submit the following information to the Board for consideration:

The applicant must also have good credit and be of good character. Review the application instructions to be sure all required materials are submitted.

Collection agencies’ licenses expire annually on June 30 and renewal applications must be received by the Board by May 15. Late renewals not submitted by July 15 incur a $125 late fee and operating after license expiration can incur fines of up to $500 per day.

Bonds for collection agencies

Arkansas collection agencies need surety bonds as part of the licensing process, and their bond amount is based on the number of collectors at the agency. The scale is as follows:

  • Five or fewer collectors�$10,000 surety bond
  • Six to 12 collectors�$20,000 surety bond
  • 13 or more collectors�$25,000 surety bond

A separate bond is required for each location where collections business is conducted. Failure to obtain or keep the bond current can result in loss of licensure. The bond ensures that Arkansas collection agencies follow the state’s Rules and Regulations for the industry and adheres to the provisions of the Arkansas Code Annotated (ACA). The ACA includes the Arkansas Fair Debt Collection Practices Act, which are laws preventing harassment and misrepresentation by collectors and setting guidelines for communication with consumers. Collection agencies are also expected to adhere to the federal Fair Debt Collection Practices Act.

Get started on the Arkansas collection agency licensing process by getting a surety bond today!

Read More »

How To Get A Georgia Auto Dealer License

Oct 30 Posted on

Georgia used auto dealer

Becoming a Georgia auto dealer involves getting a license and a surety bond, as it does it most states. Keep reading to learn more about the registration and bonding process, and apply online for the bond you need today.

Get Bonded

Georgia Dealer License Requirements

Georgia used auto dealers register with the state Department of Revenue (DOR) and are also referred to as independent dealers. In addition to registering, dealers need to apply for a license with the Professional Licensing Boards Division of the Secretary of State. To register, applicants must submit the following information to the DOR:

  • Completed form MV-6, license plate application
  • Completed form MV-6A, authorize/add/delete agents
  • Copy of Georgia business or occupational license
  • Proof of publicly listed Georgia phone number that is not a cell phone number
  • Proof of Georgia tax ID number
  • Copy of Georgia drivers’ licenses for each authorized agent or representative
  • Completed Motor Vehicle Affidavit for Citizenship Verification
  • Completed form MV-6B if applying for more than two additional license plates
  • Photos of place of business, including signs and lots
  • $62 license plate fee + $12 per additional plate requested

Used auto dealers can mail in their applications or drop them off in person or in the drop off box in Atlanta. Registrations expire every year at the end of the month�the month your business’s registration expires is determined by the letter its name starts with. For example, businesses whose names begin with A or B expire at the end of January each year. Consult the DOR’s checklist to be sure you include all required information.

License Applications

Georgia used auto dealer license applications are reviewed at least six times per year at the Board’s meetings (dates are posted on their website). Applicants need to submit the following information to the Board:

Applicants also need a valid email to communicate with the Board. Don’t submit your application unless your place of business is ready to pass an inspection, which may be required for new applicants. Georgia used auto dealer licenses are good for two years and all licenses need to be renewed before March 31 in even-numbered years.

Dealer Surety Bond Requirements

The $35,000 surety bond required of Georgia used auto dealers is in place to discourage and protect against any unethical business practices on the dealer’s part. The bond protects consumers that suffer financial damages as a result of a dealer’s negligence or violation of the law. If a claim is made and paid out, the dealer has to reimburse the surety the full amount paid, which serves as a deterrent to violating the terms of the bond.

Get Bonded

The bond’s term must run concurrently with the licensing period, also expiring on March 31 in even-numbered years. The Board requires the original bond plus power of attorney to be submitted, and strongly recommend keeping a copy for your records.

More questions about the Georgia used auto dealer bond? Ready to get bonded? Get in touch with Single Source Insurance today!

Read More »

Changes Coming for Washington Consumer Loan Companies

Oct 27 Posted on

Washington consumer loan companies

Washington consumer loan companies will see some small changes in their surety bond regulations in the new year, mostly in the form of legislative clarification. Keep reading to find out more about what’s new on January 1, 2018.

Currently, Washington consumer loan companies are regulated by the Washington Consumer Loan Act. As is becoming common for many financial professions, they submit their license applications to the Nationwide Multistate Licensing System (NMLS). The Washington State Department of Financial Institutions is consumer loan companies’ regulatory and licensing agency. Applicants must register with three state agencies:

The NMLS provides a complete checklist of information for new applicants, requiring $1,162.21 in fees plus fingerprinting and credit authorization report fees for each control person at $36.26 and $15 per person, respectively. Licensees need a toll-free phone number, web address with specific information, and registered agent information.

Surety bonds for Washington consumer loan companies are based on the amount of residential and/or nonresidential loans they originate, with bond amounts determined as follows:

  • $0-$20,000,000�$30,000 surety bond
  • $20,000,000 to $40,000,000�$50,000 surety bond
  • $40,000,000 to $50,000,000�$100,000 surety bond
  • $50,000,000 or more�$150,000 surety bond

If a consumer loan company only services (collects payments on) mortgage loans, their bond amount is based on the dollar amount of residential mortgage loans serviced:

  • $0-$50,000,000 in loan principal�$30,000 surety bond
  • $50,000,000 or more in loan principal�$50,000 surety bond

The new legislation (underneath the old legislation) clarifies that the amount of loans originated, whether residential or nonresidential, are determined from the previous year. If there is no prior year volume to use, the bond amount is set at $30,000. Washington consumer loan companies that both originate and service residential mortgage loans will use the same schedule above to determine their bond amount using the origination volume. Surety bond amounts have not changed, but the new legislation clears up some confusing language in the prior version.

Getting a Washington consumer loan company license? Check an item off your list and get a surety bond today!

Read More »

Surety Bonds for Nebraska Investment Advisors

Oct 25 Posted on

�investment advisors

Nebraska investment advisors need to submit a surety bond as part of the licensing process. Read on to learn more about what’s required.

Investment advisors register with the Nebraska Department of Banking and Finance. They are defined as persons who advise others on the value of securities, or in the buying and selling of securities for compensation. In Nebraska, financial planners also fall under the investment advisor licensing umbrella. The definition does not include the following professionals, among others:

  • Investment advisor representatives (solicit clients or provide advice on behalf of an investment advisor)
  • Banks, savings institutions, or trust companies
  • A lawyer, accountant, teacher, or engineer who performs these services as part of their profession
  • Publishers of newspapers or other publications whose writing does not advise a specific client’s situation

Nebraska investment advisors are licensed according to the terms of Revised Statute 8-1103, submitting applications and supplemental information to the DBF electronically through the Investment Advisor Registration Depository (IARD). Here are some of the items required with submission:

The surety bond required of investment advisors is to protect the funds of their clientele in the event that the advisor violates the law at a cost to the client. Among other violations, Nebraska investment advisors promise not to intentionally mislead their clients or commit fraud. If any claims are paid out from the advisor’s $25,000 surety bond, the advisor must reimburse the surety for that amount.

Nebraska investment advisors’ registration is valid for one year and expires annually on December 31 unless renewed. At renewal, advisors must have a current surety bond. In lieu of the bond, investment advisors can maintain a net capital of $25,000.

Ready to get a Nebraska surety bond? Single Source Insurance is ready to help!

Read More »

A Quick Guide to Tennessee Contractors’ Licenses

Oct 23 Posted on

�Tennessee contractors

Most states require contractors to be licensed, but regulations vary widely across the U.S. This guide covers the basics for Tennessee contractors.

Who needs a Tennessee contractor license?

In Tennessee, contractors are licensing by the state’s Board for Licensing Contractors. Contractors need a license if they are working on a project costing $25,000 or more and if they are acting as:

  • Prime contractor
  • Subcontractors performing electrical, plumbing, roofing, and HVAC if that portion of the project totals $25,000 or more
  • Masonry subcontractors only if�that portion of the project�totals $100,000 or more
  • Construction management

Prime contractors contract directly with the project owner, while subcontractors contract with contractors to perform their work. Tennessee licenses contractors by class and gives them a project monetary limit, meaning they cannot bid on a project or projects over their limit. The classifications correspond to the type of work the contractor will be doing and include residential, industrial, and commercial building, demolition, carpentry, mechanical, HVAC, plumbing, etc. The monetary limit is determined on a case-by-case basis based on the Tennessee contractor applicant’s financial statement and experience. Contractors who bid outside their license limit or without proper licensure may have their license held by the Board for up to six months.

How to get licensed

Tennessee’s Board for Licensing Contractors is a division of the state Department of Commerce & Insurance. They can apply online or the completed application package can be mailed to the Board:

Tennessee Board for Licensing Contractors 500 James Robertson Parkway Nashville, TN 37243-1150

All contractors must pass the Tennessee Business and Law exam and may also be required to pass a Trade exam. They must submit a financial statement with their application, either a review�if applying for a monetary limit of $1,500,000 or less�or an audit�if applying for a monetary limit of more than $1,500,000. The Tennessee contractor application is detailed, and applicants will need to meet varying qualifications and provide different information depending on the type of license they are seeking.

Tennessee contractors’ license applications are reviewed and approved by the Board at their meetings in the months of January, March, May, July, September, and November. Contractors�should be sure to turn in their applications by the 20th of the month prior to the Board meeting. In some instances, the applicant might be required to meet with the Board, and will be informed if the meeting is waived or not.

Contractor licensing in Tennessee is complicated, so communicate with the Board and any lo cal government agencies to ensure you apply for the correct licenses and permits.

Surety bonds for Tennessee contractors

Tennessee contractors’ surety bonds vary depending on their financial statement submitted with their license application, on the type of work they’re doing and where the work is done.

A home improvement contractor�needs a license and a�$10,000 surety bond in the following Tennessee counties:

  • Bradley
  • Davidson
  • Hamilton
  • Haywood
  • Knox
  • Marion
  • Robertson
  • Rutherford
  • Shelby

Shelby County requires various other surety bonds of contractors, including a performance bond. The city of Knoxville requires $10,000 surety bonds of electrical contractors, gas installation and servicemen, and mechanical contractors. Johnson City requires many types of Tennessee contractors to obtain permits and surety bonds.

Due to Tennessee’s complicated licensing procedures, it’s important to contact both the state Board for Licensing Contractors and the appropriate agencies in the cities and counties in which you plan to do business.

Ready to start the licensing process? Single Source Insurance can help you get a Tennessee contractor surety bond!

Read More »

North Carolina Auto Dealer Surety Bonds

Oct 20 Posted on

North Carolina auto dealer

As in most states, if you’re a North Carolina auto dealer, you need a license and surety bond. Keep reading to learn more about getting the process started.

North Carolina auto dealer licensing

The North Carolina Department of Transportation (NCDOT) licenses auto dealers in the state, requiring anyone buying or selling five or more cars in a twelve-month period to be licensed. Several types of licensee applicants use the same form when applying for licensure, though their application fees differ:

  • Motor vehicle dealers�$90 fee
  • Wholesale motor vehicle dealers�$90 fee
  • Factory branches�$130 fee
  • Distributors��$90 fee
  • Manufacture dealers�$195 fee

Some of the information that the application requires includes:

  • Business ownership type (corporation, LLC, etc.)
  • Firm name, address, phone number, and DBA if applicable
  • Names, ages, addresses, and titles of business owner, partners, members, etc.
  • Additional locations in North Carolina owned by applicant where vehicles are sold
  • Number of sales representatives employed working at least 25 hours per week
  • Fees for dealer and dealer transporter plates

There are other prerequisites related to licensure North Carolina auto dealers should be sure they meet:

  • For retail dealers, an established salesroom of at least 96 square feet in a permanent, enclosed building
  • For wholesalers, an established office of�at least 96 square feet where records are kept�in a permanent, enclosed building
  • Sign displaying business’s name in letters no less than three inches tall
  • $50,000 surety bond for the first business location, plus $25,000 for each additional location
  • Assumed name filed with the Register of Deeds in the appropriate NC county or counties
  • If business is a corporation, articles of incorporation filed with NC Secretary of State

In addition to these and other requirements, a used North Carolina auto dealer applicant must provide proof of completion of 12 hours of continuing education in an approved course in the previous 12 months with initial licensing; at license renewal, they need proof of six hours of continuing education. Auto dealer licenses are valid for one year.

Surety bonds for NC auto dealers

The minimum $50,000 surety bond required of all North Carolina auto dealer applicants is a protection measure for consumers. It protects against damage caused by the principal (the auto dealer licensee) should they break any laws and cause financial damage to the consumer. The consumer can file a claim to seek reimbursement if they feel the dealer violated any of North Carolina’s regulations.

Ready to get started toward becoming a licensed North Carolina auto dealer? Single Source Insurance can help!�

Read More »

Freight Broker Bonds: A Crash Course

Oct 18 Posted on

freight broker

In 2012, President Obama signed the Moving Ahead for Progress in the 21st Century (MAP-21) Act into law, introducing many new regulations for the transportation industry. Among those was a $75,000 surety bond requirement for freight brokers, a huge increase from the previously required $10,000 bond. Keep reading for a crash course on these surety bonds.

What is a freight broker?

Freight brokers arrange the transport of goods between shippers providing the goods and carriers who can move them. They don’t take on any responsibility for the freight, solely facilitating arrangements between shippers and carriers.

Freight forwarders are often mentioned in conjunction with brokers, but they are not the same thing. Freight forwarders provide transportation for goods and take responsibility for the goods while they are being transported. Freight forwarders also need a $75,000 surety bond and register in much the same way as brokers.

What does MAP-21 mean for brokers?

The biggest impact on freight brokers following MAP-21’s passage was the surety bond increase from $10,000 to $75,000. The Federal Motor Carrier Safety Administration (FMCSA) increased the bond amount to make it more difficult for unqualified brokers to enter the industry, concurrently raising freight broker standards.

A big factor in increasing the freight broker surety bond was the fact that claims were often filed on these bonds, making them high-risk. A larger bond amount allows for more claims to be paid out and puts more liability on the broker, encouraging them not to commit fraud or any take any unethical action that might cause a claim to be filed. An example of when claims are often filed on freight broker bonds are when the broker fails to pay the freight carrier.

The higher bond amount both encourages freight brokers to conduct business lawfully and makes it harder for an inexperienced broker to become one in the first place.

How to become a registered freight broker

Freight brokers register with the FMCSA to begin legally conducting business operations. Before applying, brokers need to obtain a motor carrier (MC) number by filling out Form OP-1. New freight broker registrants use the Unified Registration System (URS) to get started. Brokers can specify if they want to be licensed as a broker of property or a broker of household goods or both—a $300 filing fee is attached to each type.

Freight brokers do not have legal insurance or security requirements beyond the surety bond, also called a BMC-84 bond. After brokers receive their MC number and obtain the surety bond, the FMCSA asks for more information:

  • Form BOC-3—Designation of process agent for each state in which the broker operates
  • Nonrefundable $300 application processing fee

Applications take four to six weeks to process. Surety bonds must be renewed annually. The surety bond increase went into effect in October 2013, with a full compliance delay into December 2013, meaning a majority of freight broker bonds expire each year during that period.

Be sure to apply for your freight broker bond renewal with plenty of time to spare! Single Source Insurance can help you get the best rate for your bond—call and request a quote today!

Read More »