Whether you're a non-profit organization, a bingo game promoter, a manufacturer, or a distributor of bingo cards in South Carolina, understanding the significance of Bingo Revenue Bonds is essential. These bonds serve as a safeguard, guaranteeing adherence to regulations and proper conduct within the bingo game industry.
Bingo Revenue Bonds are mandated by the South Carolina Department of Revenue, serving as a protective measure for organizations involved in bingo activities. They guarantee adherence to the laws outlined in South Carolina Statute 12-21-4230, ensuring licensees fulfill their obligations by promptly paying taxes, fees, and fines. This regulatory measure protects against potential malpractice, fraud, or mismanagement within the bingo gaming arena.
Bond Term:
Required by:
Bond amounts required are determined by license type in South Carolina. See below’s table for a breakdown.
License Type Bond Amount Class AA $50,000 Class B $20,000 Class C $10,000 Class E $10,000 Class F $10,000 Promoter $10,000 Manufacturer $10,000 Distributor $10,000
The surety company uses your credit score to determine the premium rate. The premium rate is the price you pay annually, which is determined by the bond amount and credit score. If you have a high credit score, your cost will be under 3% of the bond amount. If you have a low credit score, you may be asked to pay a higher percentage of the bond amount.
You will be asked to provide your social security number for a soft credit check during the application process. Your credit score will not be affected by the credit check.
Your credit score influences your premium rate because it helps determine whether your business is of higher risk. A higher credit score often signifies lower risk, resulting in a more favorable premium rate, while a lower score might indicate higher risk and lead to a comparatively higher premium.
No specific minimum credit score is mandated for qualifying for a South Carolina Bingo Revenue Bond. We work with multiple sureties open to providing bonds for those with low credit. However, an applicant’s credit score can influence the bond cost.
To apply for the South Carolina Bingo Revenue Bond, the following documents and details are required:
Complete a quick online application, and within 24 hours, a licensed agent will contact you with a no-obligation quote for your bond. The quote will be your premium rate. The bond will be shipped to you once the necessary paperwork is signed and the premium payment is processed. You may then send the form to the following address:
South Carolina Department of Revenue
Bingo Licensing and Enforcement
PO Box 125
Columbia, SC 29214-0945
Phone: 803-898-5393
Fax: 803-896-0130
Email: Bingo@dor.sc.gov
If you are a non-profit organization, you must submit a notarized application and be exempted from federal income taxes.
Both the surety and the South Carolina Department of Revenue have the authority to cancel a South Carolina Bingo Revenue Surety Bond. The surety can cancel the bond by giving the Department of Revenue a written notice. The cancelation would then be effective 30 days after the department receives the notice. The department can also cancel the bond by sending a written notification to the surety.
Failure to secure the required South Carolina Bingo Revenue Bond may prevent you from obtaining a bingo promoter license in the state. Individuals or businesses wanting to engage in bingo operations without this bond may suffer legal consequences such as penalties, license revocation, or being prevented from running bingo games in accordance with state rules.
Yes, principals can request the cancellation of their South Carolina Bingo Revenue Bond. The process, however, differs based on the terms and conditions of the bond deal. Typically, the surety demands written cancellation notification, and the bond cancellation becomes effective after a set notice time, which is usually 30 days. As for refunds, this also depends on the bond's terms and the duration it was active. Generally, surety bonds are non-refundable, but specific circumstances may allow for partial refunds if approved by the surety company.
No, South Carolina Bingo Revenue Bonds are non-transferable. The bond is specifically issued to the named principal and cannot be reassigned or transferred to another entity or individual. If changes in ownership or management occur, a new bond must be obtained to cover the new responsible party in compliance with state regulations.
