Repossessor bond cost
The Colorado Consumer Protection Division requires repossessors who work in the state to provide a $50,000 bond. Your bond cost will be determined based on your credit report. Applicants with strong financials can qualify for low rates starting at 1%.
Surety Bonds also offers an exclusive Bad Credit Bonding Program for applicants with financial issues. The best way to determine how much your Colorado repossessor bond will cost is to contact an expert surety specialist who can provide you with a free surety bond quote with no obligation.
Why this bond
This bond ensures that repossessors are held accountable if consumers should be wronged in the course of recovering or taking possession of collateral. Acts prohibited by the statutes enforced by this bond include, but are not limited to:
- Using collateral or personal effects for the personal benefit of the principal
- Demanding a payment in lieu of repossession
- Selling recovered collateral for personal gain
- Unlawfully entering any private building or secured area without consent of the owner
- Altering inventory
Repossessor bond details
The company’s physical address must be listed on the bond form. The principal’s signature on the bond form must be witnessed by a licensed notary public.
Colorado repossessor surety bonds are continuous unless otherwise canceled. If the bond is to be canceled, 30 days notice prior to cancellation must be provided to the state.
Apply for your surety bond
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