What is a Collection Agency Surety Bond?
A Collection Agency surety 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 agreement, the state has the legal ability to cancel the bond and revoke the principal’s business license.
Typically, the bond amount is determined by the number of agency employees, how much yearly revenue is expected, and the population the agency will be serving, among other factors. The bond premium is only a small fraction of the bond amount that you will be required to pay in order to purchase the bond. Surety1 works to get you the lowest possible premium for your bond by working along side more than a dozen well established surety markets and sending over the lowest quote.
Idaho Collection Agency Bond:
- Required by: Idaho Department of Finance
- Minimum Bond Amount: $15,000
- Maximum Bond Amount: Varies
- Valid: Renewable
This bond guarantees that the principle will abide by all Idaho state laws and regulations outlined in Title 26, 2223.
The applicant should verify the bond amount with the obligee (State of Idaho, Department of Finance) before applying for the bond to ensure the bond amount is correct.
Surety1 is not directly involved with the licensing process, but we’ve compiled the below information which may helpful for you.
State licensing requirements:
- Idaho Collection Agency Bond
- License application & any fees associated with the application process
- Application can be filed electronically through NMLS
- All supporting documents for application (listed on official page)
All licensing fees are required by the obligee, not the surety company.
For more licensing information, visit this link: Idaho’s government website.
Where can I get an Idaho Collection Agency bond?
At Surety Solutions Insurance Services, Inc. (Surey1) it is easy to obtain this bond. Our process is simple. Just complete our easy to use, online application form and within one business day, one of our surety experts will contact you with a free, no obligation quote.
Surety1 has been in the business since 2003 and we are also rated A+ by Better Business Bureau.