Oregon Collection Agency Bond

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How Do I Get Bonded?

Oregon Collection Agency Bonds Explained

Launching a collection agency in Oregon requires you to go through a licensing process with state authorities. It entails providing a collection agency bond.

The bond requirement functions as a safety measure that guarantees your legal compliance. It ensures you will adhere to relevant laws in your debt collection operations.

The collection agency bond that you obtain works as a three-party contractual agreement. Your business is the principal. The Oregon Division of Financial Regulation is the obligee, and the surety is the third entity, which is the bond provider.

Questions about Collection Agency Bonds in Oregon

When is this bond required?

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.

What is the price of the Oregon collection agency bond?

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.

Oregon Collection Agency Bond Cost Based on Credit Score
Surety bond name Bond amount Credit Score
Above 700 Between 650-699 Between 600-649 Below 599
Oregon collection agency bond $10,000 $100-$150 $100-$250 $250-$500 $500-$1,000
No location or trust account in the state $15,000 $112.5-$225 $150-$375 $375-$750 $750-$1,500

* This table provides a ballpark estimate of potential bond costs. Bond pricing can fluctuate over time due to a number of factors. For exact pricing, please complete an application.

Is it possible to get bonded with bad credit?

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.

What is the bonding process like?

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.

What if I receive a claim against my collection agency bond?

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.

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About Us

Lance Surety Bonds
Lance Surety Bond Associates, Inc. is a Pennsylvania-based surety bond agency that offers bonding at competitive rates in all 50 states. Established in 2010, our company has grown to become one of the top online bond producers in the country. Working exclusively with A-rated and T-listed bonding companies gives us the confidence to offer a 100% money-back guarantee. read more

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What Our Clients Have To Say?

  • Kimberlee Ables
    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!
  • Andrew Poincot
    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!
  • Margie Martinez
    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!

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