Reidsville Solicitor Bond: A Comprehensive Guide

May 25, 2022

Reidsville Solicitor Bond

This guide provides information for insurance agents to help their customers obtain a Reidsville Solicitor bond

At a Glance:

  • Average Cost: $100 per year
  • Bond Amount: $1,000
  • Who Needs it: All out-of-state solicitors operating in Reidsville, North Carolina
  • Purpose: To ensure the public will receive compensation for financial harm if the solicitor violates licensing law
  • Who Regulates Solicitors in Reidsville: The Reidsville Finance Department

Background

Reidsville Code of Ordinances 13-4 requires all solicitors operating in the city to obtain a license from the Finance Department. The Reidsville City Council enacted the license requirement to ensure that solicitors engage in ethical business practices. To provide financial security for the enforcement of the licensing law, solicitors who live in other states, or who work for a company that is headquartered in another state, must purchase a $1,000 surety bond to be eligible for licensure.

What is the Purpose of the Reidsville Solicitor Bond?

Reidsville requires out-of-state solicitors to purchase a surety bond as part of the application process to obtain a business license. The bond ensures that the public will receive compensation for financial harm if the solicitor fails to abide by the regulations outlined in Reidsville Code of Ordinances 13-6. Specifically, the bond protects the public if the solicitor engages in any acts of fraud or fails to provide any goods that have been paid for. In short, the bond is a type of insurance that protects the city if the solicitor violates licensing law.

Reidsville Solicitor Bond Form

Reidsville Solicitor Bond Form

How Can an Insurance Agent Obtain a Reidsville Solicitor Surety Bond?

BondExchange makes obtaining a Reidsville Solicitor bond easy. Simply log in to your account and use our keyword search to find the “Reidsville” bond in our database. Don’t have a login? Enroll now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone at (800) 438-1162, email, or chat from 7:30 AM to 7:00 PM EST to assist you.

At BondExchange, our 40 years of experience, leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.

Not an agent? Then let us pair you with one!

BX Agent Finder Link

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Is a Credit Check Required for the Reidsville Solicitor Bond?

A credit check is not required for the Reidsville Solicitor bond. Because the bond is considered relatively low risk, the same low rate is offered to all solicitors in Reidsville regardless of their credit history.

How Much Does the Reidsville Solicitor Bond Cost?

The Reidsville Solicitor bond costs just $100 per year.

Who is Required to Purchase the Bond?

Reidsville requires solicitors that either reside in another state or who work for a company whose principal place of business is in another state, to purchase a $1,000 surety bond as a prerequisite to obtaining a business license. To paraphrase Reidsville Code of Ordinances 13-1, a solicitor is a person that travels from place to place selling goods that will be delivered at a later date.

How do Solicitors Apply For a License in Reidsville?

Solicitors in Reidsville must navigate several steps to obtain a license. Below are the general guidelines, but solicitors should refer to the licensing statutes for details on the process.

License Period – All Reidsville Solicitor Licenses expire on June 30 of each year

Step 1 – Purchase a Surety Bond

Out of state solicitors must purchase and maintain a $1,000 surety bond

Step 2 – Visit the City Finance Department’s Office

To obtain a license application, solicitors must visit the Finance Department’s Office at the following address:

230 W. Morehead Street
Reidsville, NC 27320

The office will walk the solicitor through the application process and inform them of all documents and fees that must be submitted.

How do Solicitors in Reidsville Renew Their Licenses?

Solicitors that wish to renew their Reidsville Business Licenses can do so in person by visiting the City Tax Collector’s Office at the following address:

230 W. Morehead Street
Reidsville, NC 27320

All Reidsville Solicitor Licenses expire on June 30 of each year.

What are the Insurance Requirements for the Reidsville Solicitor’s License?

Reidsville does not require solicitors to purchase any form of liability insurance as a prerequisite to obtaining a business license. Solicitors must purchase and maintain a $1,000 surety bond.

How Do Your Reidsville Solicitors File Their Bonds?

Solicitors should submit their completed bond forms, including the power of attorney, to the following address:

230 W. Morehead Street
Reidsville, NC 27320

The surety bond requires signatures from both the surety company that issues the bond and from the solicitor. The surety company should include the following information on the bond form:

  • Legal name, address, phone number, email address, and license classification of entity/individual(s) buying the bond
  • Surety company’s name, address, phone number, and email address
  • Bond amount
  • Date the bond is signed

What Can Your Customers Do to Avoid Claims Against Their Reidsville Solicitor Bonds?

To avoid claims on their bonds, solicitors in Reidsville must follow all license regulations in the city, including some of the most important issues below that tend to cause claims:

  • Do not engage in any acts of fraud
  • Provide all goods that have been paid for

What Other Insurance Products Can Agents Offer Solicitors in Reidsville?

Reidsville does not require solicitors to purchase liability insurance. Bonds are our only business at BondExchange, so we do not issue any other types of insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.

How Can Insurance Agents Prospect for Reidsville Solicitor Customers?

Reidsville unfortunately does not provide a public database of active solicitors. We suggest contacting the city directly to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.

2022-07-08T10:19:00-04:00