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Why is a Louisiana Credit Repair Service Bond Required?
The purpose of this surety bond is to secure the compliance by the Bonded Principal with the terms of the Credit Repair Service Organization Act, LSA-R.S. 9:3573.4 and any other legal obligations arising out of the Principal’s conduct as a credit repair service organization. If Principal violates the statute, or other legal obligation arising out of its conduct as a credit repair service organization, the Office of the Louisiana Attorney General, as well as any person damaged as a result of such violation, shall have, in addition to all other legal remedies, a right of action on this bond in the name of the injured party for loss sustained by the injured party. The bond may be canceled by the surety at any time with sixty (60) day written notice of such cancellation.
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