Collection agency surety bonds guarantee that debt collectors will abide by all state and federal laws. The Connecticut Collection Agency 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.
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 Connecticut state laws.
Since this bond is continuous, it is in full force and effect until cancelled. If the bond is cancelled, the obligee must be notified of the cancellation at least 30 days prior to 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.
Licenses expire September 30th of every odd year.
For more licensing information, visit: Connecticut’s government website.
At Surety1.com we make it easy to apply for your Connecticut Collection Agency Bond. Simply complete our easy to navigate, online application and one of our surety bond professional agents will contact you with a free, no obligation quote. Then sign some paperwork, make payment (all major credit cards accepted) and your bond will be delivered via traceable mail. Overnight shipping is also available.
Surety1.com is a service of AssuredPartners, one of the nation’s largest and fastest growing insurance brokerages. Since 2003, Surety1 has been the premier, online provider of surety bonds nationwide.
