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Call us at 888.610.4474 info@hasslefreesuretybonds.com

Collection agency licensee bond cost

The Maryland collection agency licensee bond amount is set at $5,000. we are able to instantly issue these bonds for just $100! In just 5 minutes over the phone, you can get the surety bond you need – no credit check required.

Contact one of our surety specialists to receive a free, personalized bond quote within 1 business day of applying. Call 888.610.4474, or click here, to begin the bonding process.

 

Why this bond

Collection agency bonds in Maryland discourage unethical business practices within the industry.In collecting or attempting to collect an alleged debt, a debt collector may not:

  • use force or threaten violence
  • threaten criminal prosecution
  • disclose or threaten to disclose information about a debtor’s reputation or credit worth
  • contact a person’s employer without any legal authority to do so
  • abuse or harass the debtor
  • use obscene or inappropriate language around the debtor
  • claim, attempt or threaten to enforce a right which does not exist

This obligation is listed on a surety bond form along with 5 other professions, so be sure you let us know you need this bond to work as a collection agent. This type of bond is continuous until canceled. The state requires surety companies to provide at least 60 days’ notice before canceling a bond.Applicants are expected to be familiar with Maryland collection agency law. The applicable laws can be found in the Maryland Code, section 7-101.

Become a collection agency

The board reserves the right to revoke or suspend a license after the discovery of a violation of applicable laws or regulations. The suspension or revocation of a license does not exempt the principal from any claims filed prior to suspension.The following information and materials are required for each applicant:

  • principal officer information (list of names, addresses and phone numbers)
  • true and correct statement of the business or employment history of each principal officer
  • list of stockholders owning 10% or more of the company
  • certificate of good standing from the Maryland Department of Assessment
  • $5,000 surety bond
  • trade name (if applicable)

Be sure to mark on the application if your company is a partnership or an LLC.The applicant must also complete the required education course and pass the examination provided by the commission.

Apply for your surety bond

Get a FREE Maryland Collection Agency Licensee Bond Quote Today! Click here to begin