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How Much Does a Texas Third Party Debt Collector Bond Cost?
The cost of a Texas third party debt collector bond costs between $100 and $1,000. Debt collectors are required to hold a $10,000 surety bond. Instead of paying the full penal sum, however, you can pay a bond premium by purchasing the bond through an authorized surety company.
Our trusted surety company is authorized to sell bonds in Texas, and we have been serving the state’s residents for over a decade. Bond rates range from 1% to 10%. When you apply for your new bond, we will review your credit rating, financial assets and credentials to determine your bond rate.
We provide bonds to over 99% of our customers, and we work with applicants with all credit scores. If you apply for a third party debt collector bond with a 700 score, your rate will fall between 1% and 3%. In this case, the $10,000 bond will cost between $100 and $300.
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Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Texas Third Party Debt Collector Bond |
$10,000 |
$100 - $300 |
$300 - $500 |
$500 - $1,000 |
How to Get a Texas Third Party Debt Collector Bond
1. Apply For Your Bond
It is easy to set up your third party debt collector bond when you apply with us. To begin our quick process, fill out the online application.
2. Get Your Bond Quote
Most of our applicants receive a bond quote within a few minutes. However, if an application is complex, it requires additional review before a quote is available. In these instances, a bond quote is provided in 48 hours or less.
Lori needed a Texas third party debt collector bond and quickly applied through our online form. Not long after doing so, she received a bond quote from us. We delivered her bond via email soon after she made the bond premium payment. Now, she runs a successful debt collection business.
3. Buy Your Bond
We make it easy to finalize your surety bond purchase with our online payment portal. After paying the bond premium, your bond will be processed and emailed to you. We are happy to mail it as well, upon request.
Our bond specialists are honored to support you with your surety bond purchase. For assistance, contact us online or by phone at (877) 514-5146.
Ready to apply for your surety bond? Start with a FREE quote!
Third Party Debt Collector Bond Requirements in Texas
The legal requirements for debt collectors in Texas are outlined in Chapter 392 of the Finance Code. In section 392.101, third-party debt collectors must file a $10,000 bond with the Secretary of State.
The bond is in favor of the state and benefits anyone damaged by violations of Chapter 392 requirements. It also is in favor of any person damaged by violations of this law. The aggregate liability of the bond will not exceed the penal sum of the bond.
The bond remains active until it is canceled by either the surety company or the principal. To cancel the bond, the surety company or principal must provide the Secretary of State with a 60-day written notice.
Your surety bond’s premium must be paid annually to maintain the bond. When your bond premium’s due date approaches each year, we will contact you with updated payment information.
How to Get Your Third Party Debt Collector License in Texas
The Texas Secretary of State is the authority on third party debt collector requirements. The state does not require debt collectors to obtain a license. However, debt collectors must submit the required surety bond to do business in the state.
For additional information about the requirements for third party debt collectors, contact:
Office of the Secretary of State
P. O. Box 13193
Austin, Texas 78711-3193
(512) 475-0775
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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!
