As of May 25, 2019, the bond amount for legal document preparation service providers, which includes tax preparers, is reduced to $25,000. Businesses in good standing can register 2 to 25 tax preparers under a $50,000 bond for as little as $400 to $500 annually. Nevada Enrolled Agents, CPAs and attorneys are exempt from these requirements.
Nevada requires many different kinds of surety bonds for professionals, contract workers, and companies that wish to conduct business within the Silver State. Depending on the type of business license you’re applying for, your bond’s liability amount (also known as the penal sum) could be set to a standard sum or it could vary based on the size of the business and other relevant factors.
For instance, contractor license bonds, collection agency bonds, and escrow agency bonds all vary in their required liability amounts. Penal sums for legal document preparers and motor vehicle dealers, on the other hand, are set to a fixed amount by the Secretary of State and the Nevada DMV, respectively.
If you need a surety bond to comply with Nevada’s bonding regulations, we can help. NNA Surety Bonds has been providing surety bonds to companies and individuals across the United States since 1957. We are your one-stop shop for NV license and permit bonds.
Check cashing businesses need a surety bond in the amount of $50,000 to get licensed in Nevada. This amount increases by $5,000 for each additional branch of the business. Nevada regulates check cashers through the Financial Institutions branch of the state Department of Business and Industry.
When you obtain a surety bond, you agree to abide by the rules and regulations in your industry. If you fail to complete your duties or harm consumers, the harmed party may be able to make a claim on your surety bond. You are responsible for paying back any amount of money paid from your bond. This is why it’s best to have insurance in addition to your bond.
The annual premium for your bond varies based on the final bond amount (varies by the number of branches for your business), your personal financial history, and your credit score.
Variable in liability amount and premiums, the Nevada collection agency bond reassures the state and the public that your company’s activity have the financial backing of an insurance company in the event that your debt collection business becomes financially insolvent.
The Nevada contractors license bond is required if you alter or construct any structure. This bond protects your client from financial loss if you fail to act properly and ethically in accordance with the terms of the surety bond agreement.
As someone who provides document preparation services (sometimes called a legal document assistant or LDA), you must post a $25,000 surety bond if working in Nevada. This type of surety bond is also required for tax preparers, bankruptcy petition preparers, and immigration assistance providers in NV.
The penal sum for this bond ranges from $20,000 to $250,000 in Nevada. Escrow agencies are required to maintain surety bond coverage per state licensing requirements.
Also referred to as a motor vehicle broker surety bond, this vehicle industry license bond protects buyers from financial consequences of any state vehicle code violation made by you, the seller. If you wish to operate as an auto dealer in NV, keep in mind that the coverage amount can vary as will your premium cost.
|Bond Name||Coverage Amount||Cost
|Collection Agency Bond||$10,000-$50,000||$100-$500*||State of Nevada Department of Business and Industry, Financial Institutions Division|
|Contractors License Bond||$1,000- $500,000||Varies*||Nevada State Contractors Board|
|Escrow Agency Bond||$20,000- $250,000||Varies*||State of Nevada Department of Business and Industry, Division of Mortgage Lending|
|Document Preparer Bond||$25,000||$400-$1,200*||Nevada Secretary of State|
|Motor Vehicle Dealer Bond||Varies||Varies*||Nevada Department of Motor Vehicles, Occupational and Business Licensing|
* Cost can vary depending on the bond amount required and your credit rating
Our knowledge of your state’s surety bond requirements enables us to provide accurate quotes quickly. For guidance through the process of selecting bond coverage in Nevada, whether you are starting a business or renewing an existing bond, talk to one of our experts today.