The Colorado Collection Agency Bond guarantees that debt collectors will abide by all state and federal laws. The bond is a type of surety bond and 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.
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 Colorado state laws outlined in the Colorado Fair Debt Collection Practices Act.
Since this bond is continuous, it remains in full force and effect until cancelled. If the bond is cancelled, the obligee must be notified of the cancellation at least 30 days before the cancellation date.
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:
All licensing fees are required by the obligee, not the surety company.
At surety1 we make it easy to apply for your surety bonds. Simply complete our easy to navigate, online application, and within 1 busiess day one of our agents will contact you with a no obligation, quote for the bond. Then, sign some paperwork make payment (all major credit cards accepted) and your bond will be delivered via traceable mail. Overnight delivery is also available
Surety1 is a service of AssuredPartners , one of the largest and fastest growing insurance agencies in the country. Surety1 is a surety bond only entity licensed in all 50 states and the premier online provider of Colorado surety bonds since 2003.
For more licensing information, visit: Colorado’s government website.