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Call us at 888.610.4474 info@hasslefreesuretybonds.com

Collection agency bond cost

The North Carolina Department of Insurance requires new collection agencies to file financial responsibility surety bonds in varying amounts depending on the applicant’s status. Domestic collection agencies (incorporated within North Carolina) must post $10,000 initial surety bonds and $10,000-75,000 renewal surety bonds. Foreign collection agencies (incorporated outside of North Carolina) must post $20,000 initial surety bonds and $20,000-85,000 renewal surety bonds. Alien collection agencies (operating outside of the United States) must post $40,000 initial surety bonds and $40,000-170,000 renewal surety bonds.

Surety Bonds offers these bonds for varying prices, some instant issue without a credit check and some based on a review of the applicant’s credit report. Initial domestic and foreign collection agency bonds are issued instantly without a credit check for just $100 and $200, respectively. Alien collection agency bonds (both initial and renewal) and renewal domestic and foreign collection agency bonds are subject to underwriting consideration.

Give us a call at 888.610.4474 or submit a bond request to begin our fast and easy bonding process.

Why this bond

North Carolina collection agency financial responsibility surety bonds benefit any person, firm or corporation for whom or which the principal (collection agency) collects money on behalf of. By posting the bond, the principal agrees to uphold all rules and regulations of the state while engaged in the collection of accounts.

By underwriting the principal’s bond, the surety assumes liability for the losses incurred if the principal conducts unlawful business. The principal must reimburse the surety for all damages paid out.

Collection agency bond details

Collection agency bonds in North Carolina remain in full force during the principal’s permit period and remain in effect until all monies collected by the agency on behalf of third parties have been accounted for.

The surety can cancel the bond by providing written notice of cancellation to both the principal and the Commissioner of Insurance at least 30 days prior to the effective termination date.

Become a collection agency

To become a new collection agency in North Carolina, applicants must:

  • Pay the $1,050 licensing fee
  • Obtain a license for each business location
  • Submit all required supporting documents
  • Provide proof of a trust account
  • Post a surety bond in the proper amount
  • And more

Renewal applicants must:

  • Renew their license by June 30
  • Pay the $1,040 license fee
  • Make all changes to addresses, telephone numbers, branch offices, corporate name and email addresses, if applicable
  • Post a surety bond in the proper amount
  • And more

Apply for your surety bond

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

 

Additional information