What is a Montana Telephonic Seller Surety Bond?
The Montana Telemarketing Registration and Fraud Prevention Act requires businesses engaged in telemarketing register with the Montana Department of Justice Office of Consumer Protection before operating in the state. This Act requires businesses to post security in the form of a $50,000 surety bond. The bond guarantees that the principal (telemarketing company) will comply with all provisions of the act and provides protection to any person who is injured by fraud, misrepresentation, breach of contract or financial failure by the principal. If financial damages occur, the surety will pay out up to the penal sum of the bond to resolve the claim. The principal is then required to reimburse the surety for all monies paid out, including any attorney fees incurred.
What are the terms of the bond?
Montana Telephonic Seller Surety Bonds must be filed with the Montana Department of Justice, and the aggregate liability of the surety shall not exceed the penal sum of the bond. This bond has a term of two years, and the principal must provide proof annually to the DOJ that the bond is in good standing when they renew their registration. The surety may cancel the bond for any reason by giving 60 days advanced written notice to the state and principal. The surety bond must remain in effect for one year from the period the telemarketer ceases to operate in the State of Montana.
How much will my bond cost?
Pacific Surety is proud to offer a variety of approvals, regardless of credit, for Montana Telephonic Seller Surety Bonds, with rates as low as $500 annually for well qualified applicants. It typically takes just a few hours for a quote, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.