The Idaho Collection Agency Bond is a type of surety bond that is required by the State of Idaho, Department of Finance, Consumer Finance Bureau. The amount of the surety bond $15,000. While the bond is required by the state to obtain a collection agency license, the license administration and application is managed by the Nationwide Mortgage Licensing System (NMLS)
Who is required to have this license?
- Any company, branch, or individual that operates as a collection agency, debt counselor, credit counselor, debt settlement company, social security designee or other similar third party payer, debt buyer or credit repair organization;
- Engages, either directly or indirectly, in the business of collecting or receiving payment for others of any account, bill, claim or other indebtedness;
- Solicits or advertises to collect or receive payment for another of any account, bill, claim or other indebtedness;
- Sells or otherwise distributes any system or systems of collection letters or similar printed matter where the name of any person other than the particular creditor to whom the debt is owed
- Engages in any activity which indicates, directly or indirectly, that a third party is or may be involved in effecting any collections;
- Engages or offers to engage, directly or indirectly, in the business of collecting any form of indebtedness for that person’s own account if the indebtedness was acquired from another
person and if the indebtedness was either delinquent or in default at the time it was acquired;
- Engages or offers to engage in the business of receiving money from debtors for application or payment to or prorating of a debt owed to, any creditor or creditors of such debtor, or engage or
offer to engage in this state in the business of providing counseling or other services to debtors in the management of their debts, or contracting with the debtor to effect the adjustment,
compromise, or discharge of any account, note or other indebtedness of the debtor.
- Engages or offers to engage in this state in the business of selling, providing or performing services to improve any consumer’s credit record, credit history or credit rating, or providing
advice or assistance to any consumer with regard to his credit record, credit history or credit rating.
The Idaho Collection Agency license is required for both to consumer and commercial debt activity.
Idaho Collection Agency License Requirements
The Idaho Collection Agency Bond is just one of the license requirements. Below is a summary of the necessary information to obtain the license.
- Other Trade Name: All DBA’s used by the company at any location should be listed under Other Trade Names on the NMLS Company Form. The Idaho Department of Finance does not limit the number of dba’s. If the applicant will be operating under a name other than its legal name, at any location, such as a “dba” or “fictitious” name, upload a file-stamped copy of the certificate of Filing ABN from the Idaho Secretary of State under the Trade Name/Assumed Name Registration Certificates document upload category.
- A Resident/Registered Agent: The Resident/Registered Agent section of the NMLS Company Form should be completed with the information currently on record with the Idaho Secretary of State.
- Bank Account(s): Bank account information must be completed with company’s Operating account, and Trust account(s) used for transactions in which funds are received or held belonging to another.
- Trust Account Authorization/Consent to Service of Process: Upload authorization allowing examination of trust accounts used for the purpose of
holding funds belonging to others. Click here to download Consent form.
- Disclosure Questions: Provide an explanation for any “Yes” response. Upload a copy of any applicable orders, detailed letters of explanation,
and/or other supporting documents, as applicable, in NMLS. If the explanation refers to any specific action taken, offered, or challenged, the
“proof” documents of any such action must be uploaded to validate the representation. A separate entry is required for each event that requires a
- Certificate of Existence/Good Standing Certificate: Upload a state issued document by the Idaho Secretary of State and domicile state demonstrating that the corporation or limited liability company (LLC) exists and is authorized to do business in the state.
- Debt Management Agreement: Upload a copy of the debt management agreement between the company and debtor. (Applies to debt/credit
counselors and debt settlement companies).
- Document Samples: Upload copies of documents used in connection with all business activities conducted or to be conducted in Idaho, whether with Idaho debtors or Idaho-based creditors.
- Formation Document: Upload a certified copy/file stamped copy of:
• The Corporate Charter or Articles of Incorporation (if a corporation), or
• The Articles of Organization and Operating Agreement (if a Limited Liability Company), or
• The Partnership Agreement (if a partnership of any form); and
• Any amendments.
- Organizational Chart/Description: Upload an organizational chart showing the ownership hierarchy if applicant is owned by another entity or entities or person, or has subsidiaries or affiliated entities.
- $15,000 Idaho Collection Agency Bond filed electronically with the NMLS
Note: Agent Registration Registration of all QI/RPICs, collectors or solicitors of creditor accounts with Idaho consumers or Idaho based businesses must be reported at time of application accompanied by a $20 registration fee per individual. This cannot be filed through NMLS.
For more information visit the NMLS Idaho Collection Agency License Page.
How to obtain a Idaho Collection Agency Bond
At Surety1.com we make it easy to obtain this surety bond. our simple, 3 step process is as follows:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Idaho Collection Agency Bond will be filed 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.
Visit our State by State guide to collection agency surety bonds.