The Colorado Repossessor Bond is required by the Attorney General in the State of Colorado. The bond amount required is $50,000. It states that the Repossessor shall satisfy all money judgments, default or otherwise, rendered against it by a court of competent jurisdiction or in binding arbitration.
What is the purpose of a Colorado Repossessor Bond?
A repossessor is a person who is hired by a creditor to act as an agent and recover or take possession of a collateral. The Attorney General of Colorado requires that all reposessors in Colorado must be bonded. The amount of the bond is at $50,000. In order to file a Colorado Reposessor Bond, the following requirements must be submitted to the Colorado Attorney General:
- A completed Application form with all the pertinent information needed.
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- A fee of $150, payable to the Colorado Department of Law.
- A Colorado Reposessor Surety Bond issued by a surety company licensed to do business in the state.
- Note: Surety1 is licensed in all 50 states and represents over a dozen surety markets that are all licensed in Colorado
This bond is needed so that the state is assured that should you commit any wrongdoing, and conduct your job while violating the rules and regulations of the state, the aggrieved party will be properly compensated.
Where can I get a Colorado Repossessor Bond?
Simply apply for your bond online with our easy to use, online application. Within one business day, one of our surety bond experts will contact you with a quote for your bond. Once any necessary paperwork is signed and the premium payment is collected, your bond will be shipped to you via USPS Priority Mail (overnight shipping options are available as well).
Surety1 has been issuing surety bonds since 2003 and is licensed in all 50 states. The company represents over a dozen, “A” rated surety companies and maintains an A+ rating by the Better Business Bureau for its fast, reliable service.