The Arizona Collection Agency Bond is a type of surety bond and is just one of the requirements to become a licensed collection agency in Arizona. A collection agency is defined as:
While the surety bond is a requirement of the Arizona Department of Insurance and Financial Institutions, the license administration and application is managed by the Nationwide Mortgage Licensing System (NMLS). The Collection Agency License authorizes the following activities in the state:
The Arizona Collection Agency Bond is just one requirement to obtain the license. A complete list of the license requirements can be found here.
The amount of the required surety bond varies depending on ” all business transacted in Arizona by the licensee during the preceding year”. All business transacted in Arizona” includes:
For a new license, the minimum Arizona Collection Agency Bond amount is acceptable.
|Revenue Amount||Bond Amount|
|Not over $250,000||$10,000|
|$250,001 to $500,000||$15,000|
|$500,001 to $750,000||$25,000|
|$750,001 and over||$35,000|
The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
At Surety1.com we make it easy to obtain this surety bond. Our simple, 3 step process is:
Once these steps have been completed, the Arizona Collection Agency Bond will be shipped to the bond principal (license applicant) and then Upload in NMLS: under Surety Bond in the Document Uploads section of the Company Form (MU1).
1 – The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003 and maintains an A+ rating from the Better Business Bureau.