Hawaii Collection Agency Bond

In order to obtain a Hawaii collection agency license, you have to provide a $25,000 surety bond for operating your first location, and an additional $15,000 for every extra branch office. The bond ensures you will follow Chapter 443B of the Hawaii Revised Statutes, and all other relevant laws.

The basic bond amount for Hawaii collection agencies is $25,000. The final amount depends on the number of locations that you want to have, with $15,000 required for each additional branch. However, you need to cover only a bond premium, which is a small percentage of the required amount.

When you apply with a surety, it has to examine your personal and business finances carefully. This is how it can determine your surety bond cost, taking into consideration factors such as your personal credit score, business finances, and fixed and liquid assets you may showcase. By doing this, it can assess the level of bonding risk. The premium depends on it, so you can expect lower costs if your finances are stable.

Yes, with Lance Surety Bonds’ Bad Credit Surety Bonds program you are able to obtain a collection agency bond even if you have financial problems. It is designed for applicants with low credit scores, tax liens, bankruptcies, and civil judgments.

The bad credit bond rates are in the range of 5% to 10%. The higher cost is due to the increased risk. As we work with a number A-rated, T-listed surety companies, we are still able to present you with a top bonding option.

It is easy to start your bonding process. You can fill out our online application form (it takes 5min) and attach your complete set of paperwork. Then we can send you an exact quote. You can purchase your bond online straight away.  

We have prepared a thorough How to Get Bonded guide in case you need further information.

You can also speak with our bonding experts by calling us at (877) 514-5146.

You may receive a claim against your collection agency bond if you fail to follow Hawaii laws. A party who has suffered damages due to your fraudulent or illegal actions can ask for a reimbursement. It can be up to the bond amount you have provided.

For proven claims, your surety pays the costs at first, so that the claimant receives their compensation quickly. You are liable to repay it, however, as this is defined in the bond indemnity agreement. Thus, it is best to avoid claims, as they can be costly and harmful for your business.