New York Debt Collection Agency Bonds

Category: Uncategorized
Published: Sep 16, 2011
SB 1439: License Bond – Debt Collection Agencies

Debt collection agencies would be required to be licensed and post a surety bond, indemnity agreement, or an irrevocable letter of credit. This must be payable to the people of New York, and the bond would be based on the number of persons employed by the licensee. The bond requirement would allow for a 10K bond to be posed for one to four employees; a 25K bond for five to nine employees; 50K bond for 10 to 20 employees and a 75K bond for 20 or more employees. The liability of the surety would be limited to the face amount of the bond. This would be regardless of the number or nature of claims made against the bond for the number of years the bond remains active.

The following two tabs change content below.

Robin Kix

Robin Kix is currently the Renewal Department Manager. Since joining Lance Surety in 2014, she has helped thousands of businesses throughout the nation remain compliant at the federal, state and local level. She has significant experience supporting commercial bond lines, particularly in the automobile, transportation and construction industries. Robin and her team work together to create a positive customer service experience at the time of every policy renewal, whether that be finding the best pricing or offering additional assistance.

Latest posts by Robin Kix (see all)