Collection agency bond cost
If you or your business acts as a collection agency within the City of Buffalo, you are mandated to post a surety bond in the amount of $5,000.
Why this bond
By posting a bond, the principal (collection agency) obligates to truly comply with the provisions of Chapter 140 of the Buffalo City Code. Specifically, this bond offers indemnity to any person who suffers a damage by any unlawful act of the principal.
Collection agency bond details
All bonds will remain in full effect unless voided. Furthermore, all bonds must be notarized. Collection agency license applications must be sent to the Office of Permit and Inspection Services. Applications must be completed in full and include the following attachments:
- Copy of the financial statement
- $5,000 surety bond
- Police record check
- Corporate filling receipt
- Licensing fees
Apply for your surety bond
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