Collection agency surety bond cost
Indiana collection agency surety bonds are set in the amount of $5,000 and are required by the Indiana Secretary of State. Surety bonds can issue these bonds for $100 over the phone! No credit check is required, so everyone qualifies for the same low rate.
Why this bond
These bonds ensure that collection agencies will follow all rules and regulations found in the Indiana Code. Some of these provisions include:
- Only acting as a collection agency upon receiving a license
- Paying any client within 60 days of a collection
- Making certain that all money collected is deposited into a depository on a weekly basis
If a collection agency fails to adhere to these laws, the surety will cover any damages up to the full bond amount. The principal is ultimately responsible for reimbursing the surety.One of our bond experts will set you up with an Indiana collection agency surety bond for just $100 right away.
Collection agency surety bond details
The county the collection agency resides in must be listed on the bond form. Collection agency bonds in Indiana are continuous until canceled. The state requires surety companies to provide them with at least 60 days’ notice before canceling a bond.
Become a collection agency
Getting your Indiana collection agency surety bond is just the first step to obtaining the appropriate collection agency license. There are a few documents you will need to obtain, complete and submit to get your license. Some of the required information includes:
- Collection Agency application filed through the NMLS
- $5,000 original surety bond for each location
- $100 filing fee for the main office
- $30 filing fee for each branch office
When applying for a license, it is important to know if you are applying for a branch location of a major collection agency or as an individual collection agency.
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