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Florida Collection Agency Bond

Complete guide to getting a collection agency bond in Florida

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What Is a Florida Collection Agency Bond?

Collection agencies in Florida need to get licensed with the state Office of Financial Regulation. Obtaining a Florida collection agency bond is one of the main requirements you have to meet, so that you are allowed to operate.

Just like the rest of collection agency bonds, your bond is there to protect your customers and the state of Florida. It guarantees your legal compliance. In case of breaches, you can face a bond claim.

As all Florida surety bonds, this bond is also a three-party contract. The principal is your collection agency. The Office of Financial Regulation is the obligee which imposes the bonding requirement. The surety is the third entity that provides the bond.

Questions about Collection Agency Bonds in Florida

Who needs to obtain a bond?

The Florida collection agency bond is required of anybody who wants to conduct activity as a third party debt collector in the state. It is one of the criteria for getting a Florida collection agency license.

The purpose of the bond is to guarantee that you will follow the law in your operations. In particular, it ensures your compliance with the Florida Revised Statutes, Chapter 559, Part V. You need to use the official bond form provided by state authorities. Although the bond does not expire, you need to renew it annually before December 31st, as the state license needs to be renewed then.

How much does the bond cost?

The bond amount that Florida commercial collection agencies have to post is $50,000. Your bond premium, however, is different. It’s only a fraction of this amount, which is often between 1%-5%. This means that you might end up paying between $500 and $2,500 to get bonded.

Florida Collection Agency Bond Cost
Bond Type Surety Bond Amount Above 700 Between 650-699 Between 600-649 Below 599
Florida Collection Agency Bond $50,000 $375-$750 $500-$1,500 $1,250-$2,500 $2,500-$5,000

* 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.

How is your bond premium determined? The main factors that your surety has to consider are your personal credit score, business finances, as well as assets and liquidity. After examining them, it can assess the risk that bonding you poses. Your bond price will be lower if your overall profile is solid.

Do you need more information about the bond price formation? Our surety bond cost page is a great resource that you can consult.

What if I have bad credit?

Even if your finances are problematic, you can still get the bond you need with us. Lance Surety Bonds operates its Bad Credit Surety Bonds program for applicants with financial issues such as low credit score, tax liens, bankruptcies, and civil judgements.

You can expect to pay between 5% and 10% for your bond. The higher price is needed to compensate for bonding risk, which is increased. We work with a number of A-rated, T-listed surety companies, so we can still look around for the best bonding option to match your case.

How do I get a Florida collection agency bond?

It is not difficult to start your bonding. Apply online for a free, no-obligations bond quote today - and you will see it immediately. In case you want to obtain the exact price you have to pay, you need to complete the application and provide us with all your documents.

Once you have obtained your bond, you need to provide Office of Financial Regulation with the bond, together with a statement from your surety that you have paid the annual premium for your bond fully, and that the issued bond meets the specific requirements set in the state statutes.

Have more questions? Our How to Get Bonded page offers a thorough explanation of the bonding process that you can refer to at any time.

If you need to speak to our bonding specialists, just call us at (877) 514-5146. We’ll be happy to help.

How are bond claims handled for Florida collection agencies?

Surety bonds protect the state and the general public. They are not insurance for your business. Instead, they safeguard your customers from potential fraudulent activities on your side, such as mishandling of funds, failing to redirect collected finances, or other types of misuse. This means that if you do not abide by state rules, you can end up with a bond claim. Affected parties can claim a compensation of up to $50,000, which the penal sum of your Florida collection agency bond.

While your surety takes over the costs initially, you have to reimburse it soon afterwards. This means that bond claims can cause serious financial harm. They can also prevent you from getting bonded at a later time.

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Collection Agency Bonds in Other States

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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