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Arkansas Collection Agency Bond

Bond Requirements and Online Application

Arkansas Collection Agency BondThe Arkansas Collection Agency Bond guarantees that debt collectors will abide by all state and federal laws. The surety bond protects the public legally and financially if the collector breaks the law when dealing with the public. If the principle acts against the bond, the state has the legally ability to cancel the bond and revoke the business license.

Typically, the bond amount is determined by factors such as the number of agency employees, how much revenue is expected, and the population the agency will be serving, among others. The bond premium (the cost to you) is only a small fraction of the bond amount. Surety1 works to get you the lowest possible premium for your bond.

 

Surety Bond

  • Required by: Arkansas State Board of Collection Agencies
  • Minimum Bond Amount: $10,000
  • Maximum Bond Amount: $25,000
  • Valid: Continuous – Renewable

The exact bond amount is determined by how many debt collectors are employed by the agency:

  • up to 5 = $10,000
  • 6-12 = $20,000
  • 13 + = $25,000

The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.

This bond guarantees that the principle will abide by all Arkansas state laws and regulations.

Since this bond is continuous, it is in full force and effect until cancelled. If the bond is cancelled, the obligee must be notified at least 30 days before the cancellation date.

Licensing

Surety1 is not directly involved with the licensing process, but we’ve compiled this information which may helpful for you.

State licensing fees and requirements:

  • Surety bond
  • License application
  • Supporting documents for application (listed on official page)
  • $125 license fee + $15 for each manager +$20 for each collector
  • Proof of collection business experience
  • Address and name of each officer

All licensing fees are required by the obligee, not the surety company.

How do I apply for the Arkansas Collection Agency Bond?

At Surety1 we make it easy to obtain all the bonds you need. Simply complete our easy to use, online application and within 1 business day one of our surety bond professional agents will contact you with a firm quote for the bond. Then, you will sign some paperwork, make payment and the bond will be delivered to you via tracible mail. Overnight shipping is available. Only one application is required for all states.

Surety1.com is a service of AssuredPartners one of the largest and fastest growing agencies in the nation. Surety1 is the premier, online provider of surety bonds nationwide sine 2003.

 

How to Get Your Arkansas Collection Agency Bond

1. Complete an online application. It's free and no-obligation. 2. One of our surety experts will contact you with a firm quote and an agreement to sign. 3. Provide payment and your signed agreement, and then you will receive your Arkansas Collection Agency Bond!   If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply Online Using our Free & Secure Application 2. Get Your Free Quote Applications are No-Obligation 3. Get Your Bond Most Bonds are Approved in 1-2 Business Days

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