Connecticut Consumer Collection Agency Bond

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The Connecticut Consumer Collection Agency Bond is a type of surety bond that is required by the Connecticut Department of Banking . It is just one requirement to obtain a collection agents license in the state.  While the license is required by the DOB, the license administration and application is managed by the Nationwide Mortgage Licensing System (NMLS). The required $50,000 surety bond will be filed electronically with the NMLS. Any person or entity is required to have a consumer collection agency license in the state if it:

• Is engaged as a third party in the business of collecting or receiving payment for others on any account, bill or other indebtedness from a consumer debtor,
• Is engaged in the business of debt buying, or
• Is engaged in the business of collecting or receiving tax payments, including, but not limited to, property tax and federal income tax payments, from a property tax debtor or federal income tax debtor on behalf of a municipality or the United States Department of the Treasury
• It further includes any person or entity who, in attempting to collect or in collecting such person’s own accounts or claims from a consumer debtor, uses a fictitious name or any name other than such person’s own name which would indicate to the consumer debtor that a third person is collecting or attempting to collect such account or claim.

A Connecticut Consumer Collection Agency Bond and license is required when a collection agency:

• Has its place of business in Connecticut;
• Has its place of business outside Connecticut and:
  • collects from consumer debtors, property tax debtors, or federal income tax debtors who reside in Connecticut for creditors who are located in
    Connecticut; or
  • collects from consumer debtors, property tax debtors, or federal income tax debtors who reside in Connecticut for such consumer collection agency’s own account;
• Has its place of business outside Connecticut and regularly collects from consumer debtors or property tax debtors, or federal income tax debtors who reside in Connecticut for creditors located outside of Connecticut; or
• Has its place of business outside Connecticut and is engaged in the business of collecting child support for creditors in Connecticut from consumer debtors outside Connecticut.

Surety Bond

• Required by: Connecticut Banking Commissioner
• Surety Bond Amount Required: $50,000
• Valid: Continuous – Renewable

The bond will be filed electrically directly with the NMLS.  This bond guarantees that the principle will abide by all Connecticut state laws.

Licensing

The Connecticut Consumer Collection Agency Bond is just one of the requirements to obtain the state license. A complete checklist of the license requirements can be found here.

How to obtain a Connecticut Consumer Collection Agency Bond

At Surety1.com we make it easy to apply for your Connecticut Collection Agency Bond. Our simple, 3 step process is as follows:

1. Complete the easy to navigate and secure online application. ¹
2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the bond professionals at Surety1 will file the Connecticut Consumer Collection Agency Bond electronically with the NMLS.
^{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.

For a list of states that require collection agency bonds, visit our collection agency guide page.