Dance Studio Bond

Short descriptions go here. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aenean tincidunt lorem eget eleifend aliquet. Nunc vitae porttitor enim. Donec non luctus lacus, ac ultricies sapien. Quisque rhoncus nec sapien vel auctor. Nulla placerat et purus sed elementum. Sed eleifend arcu ac metus imperdiet lacinia. Fusce egestas sagittis bibendum. Ut ac risus id purus rhoncus viverra. Nam in nisl sit amet dolor bibendum accumsan vitae et ligula. Etiam viverra dolor nec lacus mattis porta. Cras tempor diam non lorem sodales aliquam. Donec laoreet faucibus ultricies. Cras sit amet purus vel ligula sodales facilisis. In ullamcorper, eros vel finibus tincidunt, enim lorem hendrerit nunc, a consequat tortor nisl varius elit. Cras ac justo eget quam euismod volutpat nec sed est. Duis quis hendrerit dolor, non pellentesque ante.

Bond Amount

$25,000

Requiring Entity

State of California Department of Social Services

Underwriting Criteria

Personal Credit Check of Business Owner

Premium Rate(s)

1 Year - $350.00*

Who is Required to Secure this Bond

A California Dance Studio Bond in the amount of $25,000 is mandatorily required to be filed with the State of California Department of Social Services, as set forth in the Civil Code Section 1812.50-1812.69, for every dance studio. The principal sum of the bond shall be 25 percent of the dance studio’s gross income from the studio business in the state during the studio’s last fiscal year, except that the principal sum of the bond shall not be less than twenty-five thousand dollars ($25,000) in the first or any subsequent year of operation.

Bond Requirement Specifics

The Dance Studio Bond requirement is set forth in the Civil Code Section 1812.50-1812.69, to be in favor of the State of California for the benefit of any person who, after entering into a contract for dance studio lessons and other services with the dance studio, is damaged by fraud or dishonesty or failure to provide the services of the studio in performance of the contract. Any person who violates any provision of this title relating to dance studio contracts is guilty of a misdemeanor.

Who is protected Under this Bond

The Dance Studio Bond safeguards the public against fraud, deceit, imposition, and financial hardship, and to foster and encourage competition, fair dealing, and prosperity in the field of dance studio lessons and other services by prohibiting or restricting false or misleading advertising, onerous contract terms, harmful financial practices, and other unfair, dishonest, deceptive, destructive, unscrupulous, fraudulent, and discriminatory practices by which the public has been injured in connection with contracts for dance studio lessons and other services.

Underwriting Process

The Dance Studio Bond requires a signed application, which can be found through our web-site. The bond is underwritten based on a personal credit check of the business owner(s). In the event the personal credit check does not meet the minimum threshold for a standard approval, the premium rate may be elevated. Upon approval for the bond, the original signed application must be forwarded to our office.

What you Need to do Once you have your Bond

Upon approval and payment of the bond, the original bond will be mailed to you. A copy of the bond must be filed with the Secretary of State.

Obligee Link

http://www.dss.cahwnet.gov/cdssweb/default.htm

* Please be advised that the quote you obtain for this bond may include a fee charged and retained by The Bond Exchange.