What are Collection Agency Bonds?
Collection Agencies are companies that pursue payment on debts owned by both businesses or individuals. State governments require all collections agencies to be bonded. These bonds guarantee proper accounting for funds received, ensuring that money collected by debt collectors will be properly dispersed to clients. Further specifics of what each bond will guarantee may vary depending on individual state’s rules and regulations.|| Our agency offers a variety of programs designed to help all types of debt collection agencies get approved at quickly, and at excellent rates, in all 50 states.
Questions about Collection Agency Bonds
How much does a Collection Agency Bond cost?
Annual premium amounts are determined based on owner personal credit. Owners with stellar credit may be eligible for standard market rates, which range from 1% to 3% of the bond amount.
If the owner has a low credit score, or past due items on their credit report, annual premium typically ranges between 5% to 15% of the bond amount. For most states, our high risk rate does not exceed 7.5%.
For more information on bonding costs, visit our page on Bond Prices.
How do I get a Collection Agency Bond?
The first step is to apply for a free quote. Once you’ve been approved, your agent will provide you with the bond premium due, along with an agreement with the surety. Once you’ve paid for your bond, and provided a signed copy of the indemnity agreement, your Collection Agency Bond will be mailed out to you. To learn more about the bonding process, visit our page on How To Get Bonded.
Can I get approved for a Debt Collector Bond if I have bad credit?
Yes. While many sureties only offer quotes to customers with stellar credit, Lance Surety has a variety of collection agency bond programs that allows us to approve over 99% of applicants instantly through our online application. Your annual premium will depend on your individual credit profile, but we’re able to offer very aggressive rates.
How do Collection Agencies become licensed and bonded?
First, you’ll want to contact the specific state department that oversees collection agencies about your desire to conduct business in that state. Some state’s offer checklists online, which can be very helpful.
In addition to submitting an application to be become registered or licensed, most states require a surety bond be posted to guarantee compliance with their collection regulations. Getting bonded with Lance Surety is simple. You can get approved in just minutes by completing our online application. Once your bond has been issued, you’ll submit a signed copy of the original bond to the state to be filed with your license.
Will my Collection Agency Bond work for multiple states?
No. You'll need to post a separate bond for each state that you will be conducting business in. Each state has their own bond requirements, and therefore you'll need to make sure to comply with each state's respective bond regulations.
Find Your Surety Bond
|Alaska||Collection Agency||Alaska Dept. of Commerce||Apply Now|
|Arizona||Collection Agency||Dept of Financial Institutions||Apply Now|
|Arizona||Collection Agency Bond||Apply Now|
|Arkansas||Collection Agency||State Board of Collection Agencies||Apply Now|
|Colorado||Collection Agency||Collection Agency Board||Apply Now|
|Connecticut||Collection Agency $25K||Commissioner of Banking||Apply Now|
|Florida||Collection Agency||Office of Financial Regulation||Apply Now|
|Hawaii||Collection Agency Bond||State of Hawaii||Apply Now|
|Idaho||Collection Agency||Dept of Finance||Apply Now|
|Illinois||Collection Agency||Dept of Professional Regulation||Apply Now|
|Indiana||Collection Agency||State Board of Accounts||Apply Now|
|Local Government||City of Buffalo Collection Agency Bond||City of Buffalo, Dept of Economic Development||Apply Now|
|Local Government||DCA Licensing Center Debt Collection Agency||NYC - DCA Licensing Center||Apply Now|
|Maine||Debt Collector/Repossession (Continuous)||Office of Consumer Credit Regulation||Apply Now|
|Maryland||Collection Agency||Commissioner of Financial Regulation||Apply Now|
|Massachusetts||$25,000 Collection Agency||Massachusetts Division of Banks||Apply Now|
|Michigan||Collection Agency||Bureau of Commercial Services, Licensing Division||Apply Now|
|Michigan||Non-Depository Sales Finance Company and/or Out-O||Department of Insurance and Financial Services||Apply Now|
|Michigan||Depository Financial Institution - Sales Finance C||Department of Insurance and Financial Services||Apply Now|
|Minnesota||Collection Agency (Corp/LLC)||Commissioner,Dept of Commerce||Apply Now|
|Minnesota||Collection Agency (Partnership)||Commissioner,Dept of Commerce||Apply Now|
|Minnesota||Collection Agency (Sole Prop.)||Commissioner,Dept of Commerce||Apply Now|
|Nebraska||Collection Agency License Bond||NE Collection Agency Licensing Board||Apply Now|
|Nevada||COLLECTION AGENCY||State of Nevada Business & Industry Dept||Apply Now|
|Nevada||Collection Agency Bond||Department of Business and Industry||Apply Now|
|New Jersey||Collection Agency||Deputy Attorney General||Apply Now|
|New Mexico||Collection Agency Corporate Bond||Finance Institutions Division||Apply Now|
|New York||Collection Agency Bond(City of Buffalo, NY)||Office of Licenses||Apply Now|
|New York||Collection Agency Bond (New York City)||NYC Department of Consumer Affairs||Apply Now|
|North Carolina||2013-2014 New Domestic Collection Agency Bond||Dept of Insurance||Apply Now|
|North Dakota||Collection Agency||Dept of Financial Institutions, Consumer Division||Apply Now|
|Oregon||Collection Agency||Dept of Consumer & Buisness Services||Apply Now|
|Other||(Gryphon Corp.) Client Contract Bond||Gryphon Corp.||Apply Now|
|Pennsylvania||Credit Services Organization Bond||department of state||Apply Now|
|Rhode Island||Collection Agency||State of Rhode Island||Apply Now|
|State of Hawaii||Collection Agency||Director, DCCA, PVL, Licensing Branch||Apply Now|
|Tennessee||Collection Service License Bond||Tennessee Department of commerce and Insurance||Apply Now|
|Tennessee||Collection Agency Bond||Tennessee Department of Commerce and Insurance||Apply Now|
|Tennessee||Collection Service License||Tennessee Department of Commerce||Apply Now|
|Tennessee||Credit Services Organization Bond||Director of Tennessee Division of Consumer Affairs||Apply Now|
|Texas||Third Party Debt Collector||Secretary of State, Statutory Documents Section||Apply Now|
|Texas||Private Child Support Enforcement Agencies Bond||Texas Department of Banking||Apply Now|
|Utah||Collection Agency||Dept of Commerce||Apply Now|
|Washington||Collection Agency||Business and Professions Division, Collection Agen||Apply Now|
|West Virginia||Collection Agency||Tax Dept, Internal Auditing Division||Apply Now|
|Wisconsin||Collection Agency||Dept of Financial Institutions||Apply Now|
|Wyoming||Collection Agency||Collections Agency Board||Apply Now|