Starting January 1, 2021, student loan servicing businesses in New Jersey must have a surety bond to be licensed. To receive your license in the new year, you must file the bond with your application to the Nationwide Multistate Licensing System by December 31, 2020. The bond amount per business location is $30,000 and starts at $300.
Regulatory authorities in New Jersey require many different kinds of surety bonds to allow professionals, contract workers, and companies to do business. You must be bonded in The Garden State if you are a motor vehicle dealer, collection agency, electrical contractor, plumbing contractor, refrigeration (HVACR) contractor, or public adjuster.
Surety bonds are required by New Jersey through commissions, agencies, and departments that handle business and professional licensing. Some of these bonds (such as the electrical contractor bond) carry a low, fixed premium and can be issued quickly with no underwriting. For others, credit rating and business financial history will determine your premium.
If you need a bond to comply with NJ business licensing regulations, we can help. NNA Surety Bonds has been providing affordable policies to companies and individuals across the United States since 1957.
NJ collection agencies are required to obtain a $5,000 surety bond and file it with the New Jersey Secretary of State. This is to protect the public against mishandling of collected funds. Your annual premium is just $100 when receiving this policy through NNA Surety Bonds.
TThe New Jersey Board of Electrical Contractors requires electricians to post a bond in the amount of $1,000 as a means of protecting consumers against unsatisfactory work. Your cost for this bond is just $50 for a three-year term.
When applying for a new or used motor vehicle dealer license in New Jersey, you must post a $10,000 surety bond to the Business Licensing Service Bureau of the NJ Motor Vehicle Commission. The annual premium for this bond is just $100.
To work as a licensed NJ plumbing contractor, you are required to submit a $3,000 bond to the State Board of Examiners of Heating, Ventilating, Air Conditioning, and Refrigeration Contractors. The bond premium from NNA Surety Bonds is just $50 for a two-year term.
Public adjusters must post a $10,000 surety bond to the New Jersey Department of Banking and Insurance as a business license requirement in the state. The bond contract requires that consumers be treated fairly and that all taxes and fees are paid to the state. Your annual premium is just $100 through NNA Surety Bonds.
To be licensed in New Jersey as an HVACR contractor, you must post a $3,000 surety bond to the State Board of Examiners of Heating, Ventilating, Air Conditioning and Refrigeration Contractors. Two-year bond policies are available for a low premium of $50.
|Bond Name||Coverage Amount||Cost
|Collection Agency Surety Bond||$5,000||$150||NJ Secretary of State|
|Electrical Contractor Bond||$1,000||$50||NJ Board of Electrical Contractors|
|Motor Vehicle Dealer Bond||$10,000||$100||NJ Motor Vehicle Commission|
|Plumbing Contractor Bond||$3,000||$50||NJ State Board of Examiners of HVACR Contractors|
|Public Adjuster Bond||$10,000||$100||NJ Dept. of Banking and Insurance|
|Refrigeration (HVACR) Contractor Bond||$3,000||$50||NJ State Board of Examiners of HVACR Contractors|
* Cost can vary depending on the bond amount required and your credit rating
Our detailed knowledge of New Jersey bond regulations enables us to provide accurate quotes quickly. For guidance through the process of selecting your company’s surety bonds, talk to one of our experts today.