1. Start Your Application
2. Receive Your Free Quote
3. Buy Your Surety Bond
How Much Does a New Jersey Collection Agency Bond Cost?
The cost of a New Jersey collection agency bond is between $100 and $500. The required bond amount for collection agencies is $5,000. Instead of paying the full bond sum to meet the state’s requirement, you can purchase the bond from an authorized surety company for a bond premium.
Our surety company has been meeting our customers’ bond needs for over a decade, and we are authorized to serve clients in New Jersey. We provide bonds at a rate of 1% to 10% of the bond’s penal sum. The bond rate you qualify for is based on your professional credentials, credit rating and assets.
Over 99% of our customers qualify for their bonds through our process. If you apply with a 700 credit score or better, your bond rate will fall between 1% to 3%. In this case, the collection agency bond cost is between $100 and $150.
Surety Bond Cost Based on Credit Score |
||||
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
New Jersey Collection Agency Bond |
$5,000 |
$100 - $150 |
$150 - $250 |
$250 - $500 |
How to Get a New Jersey Collection Agency Bond
1. Apply For Your Bond
Setting up your collection agency bond through our surety company is a simple, three-step process. To get started, take a few minutes to complete the online application.
2. Get Your Bond Quote
We review all bond applications right away, and many of our customers receive an immediate bond quote. Some applications are more complex and need extra review. We provide bond quotes in 48 hours or less in these situations.
Nate, a new customer, recently applied for a collection agency bond using our short online application form. He was thrilled to get a bond quote within minutes, and he appreciated our friendly response to his questions. Soon after paying the bond premium, he got the bond via email.
3. Buy Your Bond
To pay the bond premium and complete your purchase, use our convenient online portal. We will prepare your bond without delay and email it to you. We can also mail the bond, if requested.
Our bond specialists are available to assist you with your bond application and purchase. Reach us online or by phone at (877) 514-5146 today for assistance.
Collection Agency Bond Requirements in New Jersey
Per New Jersey Statutes 45:18, a collection agency or another business that engages in collecting and receiving payment on any type of bill or account must have a bond. Specifically, a $5,000 surety bond must be filed with the Secretary of State before a collection agency can perform these duties.
The obligee for the collection agency bond is the State of New Jersey. The bond term is one year. The principal must renew the bond annually to continue performing collection agency duties. Claims against the bond can be made up to two years after the bond expires.
Our surety company will assist you with renewing the bond each year. Prior to the current bond’s expiration date, we will contact you with renewal instructions.
How to Get Your Collection Agency License in New Jersey
Collection agencies in New Jersey are not required to obtain a license. However, they must comply with other requirements. The New Jersey Department of the Treasury Division of Revenue and Enterprise Services is the authority in charge of collection agencies. The collection agency requirements are:
- $5,000 surety bond
- Bond application form
- Surety’s authorized financial statement
- Power of Attorney
- Acknowledgement of Principal
- $25 filing fee
- Business plan
- Zoning approval
For additional information about registering in New Jersey as a debt collection agency, contact:
New Jersey Department of the Treasury
Division of Revenue and Enterprise Services
33. W. State #5
Trenton, NJ 08608
Phone: (609) 292-9292
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!