North Dakota Collection Agency Bond
The Commissioner of Financial Institutions will now be allowed to increase the $20,000 license bond that is required under existing law for collection agencies. The bond increase will be at the Commissioner’s discretion and is based on his or her determination that would protect the public’s interest. Also under this bill a minimum net worth requirement of $25,000 will be added.
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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.
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