What is a Surety Bond?

A surety bond is a three-party agreement that legally binds the principal (the facility owner or licensee), who needs the bond, an obligee (State) who requires the bond and a surety company that sells the bond. The bond guarantees the principal will act in accordance to state laws and regulations regarding the residents' money.

What is the Purpose of a Surety Bond?

It protects State, the Obligee, up to the amount of the bond against financial losses as a result of poor financial decisions, losses, or unethical decisions of your part, the business owner.

SURETY BOND

Bond needed by the State to protect against losses or unethical financial decisions of the facility owner.

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