Collection agency bond cost
Idaho collection agency bonds are required by the Idaho Department of Finance and have a minimum of $15,000. These bonds are subject to underwriting, which means the amount an applicant pays is based on a review of his or her credit report. With strong financial credentials, applicants could qualify to pay as low as 1% of the bond amount!
Don’t let poor credit stop you from getting the bond you need. Our experts work hard to get all applicants bonded for the lowest rates possible.
Why this bond
By posting an Idaho surety bond for permittee under the Idaho Collection Agency Act, a company pledges to do business in compliance with the Idaho Collection Agency Act, Idaho Code 26-2221.
Specifically, this bond ensures that the principal (collection agency) does not fail to account for and pay over the proceeds of any collection made or money received for payment or prorating to creditors or fail to return to a debtor any sum received that was not applied to his or her debts.
Collection agency bond details
Idaho collection agency bonds for permittee are continuous until canceled. If the surety has reason to cancel this bond, it must provide 30 days of prior written notice to the Director of the Idaho Department of Finance and to the collection agency.
Become a collection agency
Becoming bonded is just the first step toward becoming a licensed collection agency in Idaho. The following must take place for an applicant to become licensed:
- Pay the application fee
- Obtain a certificate of good standing
- Pay the proper registration fee
- Submit the appropriate forms for each branch of business
- And more
Apply for your surety bond
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