Collection agency bond cost
If you or your business entity acts as a debt collection agency within New York City, get your company bonded. The city of New York, Department of Consumer Affairs requires companies to post a surety bond in the amount of $5,000.
Surety Bonds instantly issues these bonds for just $100! No credit check is needed, so all who apply are quoted the same low price.
Why this bond
Bonded collection agencies guarantee to comply with all local laws of New York City and laws of the State of New York, in addition to faithfully adhering to the conditions of the license.
Specifically, this specific bond offers indemnity to any person who suffers a loss or damage due to unethical acts of the bonded agency.
Collection agency bond details
All bonds will remain in full force unless terminated by the surety. If the surety chooses to terminate a bond, a written notice of termination must be mailed to the Department of Consumer Affairs 60 days prior to the given termination date.
Become a collection agency
All debt collection companies must be licensed to legally conduct business in the city of New York. Prior to filing your application, be sure to obtain the appropriate business certificate that best fits your business’s legal structure.
Licenses must be completed in full and be accompanied by the following attachments:
- $5,000 surety bond
- Bebt collection/child support form
- License fee
- Copy of disclosure form
- Copy of contract for child support payment
Apply for your surety bond
Get a FREE Collection Agency Bond Click here to begin
- NYC Department of Consumer Affairs: Debt Collection Agency Checklist
- NYC Department of Consumer Affairs: Basic License Application
- NYC Department of Consumer Affairs Debt Collection Agency – Licensing & Renewal Supplement
- Subchapter S Debt Collection Agencies
- NYC Department of Consumer Affairs: Debt Collection Guide