Oregon Collection Agency Bond

In order to get an Oregon collection agency license, you have to obtain a surety bond. It is an indispensable criterion that ensures you will adhere to Chapter 697 of the Oregon Revised Statutes.

The licensing procedure is handled via the Nationwide Multistate Licensing System and Registry (NMLS). The bond should also be submitted there.

The bond amount for Oregon collection agencies is $10,000. If you don't have a location or trust account in the state, the bond that you have to post is $15,000. On the basis of the required amount, your bond premium is formulated as a percentage of it. This is your actual surety bond cost.

When you apply with a surety provider, it has to examine your personal and business finances to determine the level of bonding risk that you pose. It checks your personal credit score, company finances, and liquidity and assets you may demonstrate. If your overall application is solid, you can expect a lower bond cost.

Yes, bad credit bonding is possible. We run a Bad Credit Surety Bonds program which you can use if you face issues such as low credit scores, tax liens, bankruptcies, and civil judgments.

Due to the increased bonding risk, the rates are higher and range between 5%-10%. We work with a long list of A-rated, T-listed surety companies, which allows us to select a bonding option that best suits your specific case.

You can apply online for you Oregon collection agency bond in the following way:

1. Complete the online application form (it takes 5min)

2. You will soon get a free, no-obligation quote

3. You can then purchase the bond online

4. We will send you a digital and a hard copy of the bond

Would you like to explore further details about the bonding process? You can delve into the detailed How to Get Bonded page.

Lance Surety Bonds' specialists can provide assistance with your application form or other queries you may have. You can reach us at (877) 514-5146.

The purpose of collection agency bonds is to provide protection for the state in which you operate and for your customers. If you transgress from the law and/or commit fraud, misuse or misrepresent your clients, a claim can be made against your bond you have provided. The amount you have posted is the maximum compensation that can be sought against you.

If a claim is proven legitimate, the reimbursement has to be paid out to the claimant. The surety ensures this is done in due time. However, all costs incurred are your liability in the end. As a result, the best course of action is to avoid claims which can harm your business finances and reputation.