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Massachusetts Collection Agency Bond

Debt Collectors and Loan Servicers

Collection agency surety bonds guarantee that debt collectors will abide by all state and federal laws. The surety 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.

Collection Agency Surety Bonds

Surety Bond

  • Required by: Massachusetts Division of Banking
  • Minimum Bond Amount: $25,000
  • Maximum Bond Amount: Varies
  • Valid: Continuous – Renewable

This bond guarantees that the principle will abide by all Massachusetts state laws outlined in the Massachusetts General Laws Chapter 93 sections 24-28.

The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.

Licensing

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:

  • Surety bond
  • Online license application through NMLS
  • Supporting documents for application (listed on official page)
  • $1,000 license fee

All licensing fees are required by the obligee, not the surety company.

Licenses must be filed with the Massachusetts Division of Banks through the Nationwide Multi-State Licensing System and Registry (NMLS). License/registration applications mailed to the obligee are not accepted.

For more licensing information, visit: Massachusetts’ government website.

 

How to Get Your Massachusetts Collection Agency Bond

1. Complete an online application. It's free and no-obligation. 2. One of our surety experts will contact you with a firm quote and an agreement to sign. 3. Provide payment and your signed agreement, and then you will receive your Massachusetts Collection Agency Bond!   If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply Online Using our Free & Secure Application 2. Get Your Free Quote Applications are No-Obligation 3. Get Your Bond Most Bonds are Approved in 1-2 Business Days

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