The Massachusetts Debt Collector Bond is required to obtain a Debt Collectors License in the state of Massachusetts. This is a type of surety bond and is required by the Massachusetts Division of Banks. The license application is managed via the Nationwide Mortgage Licensing System (NMLS) and the surety bond is filed electronically with the NMLS. Per the State of Massachusetts, a debt collector is:
Any company or sole proprietorship that directly or indirectly collects or attempts to collect third party debt from Massachusetts consumers; and active debt buyers that collect purchased debt from Massachusetts consumers.
Even if licensed is another state, if one collects debt from people living in Massachusetts, one is expected to be licensed in the state.
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.
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. The NMLS has published a checklist for the license requirements. This can be found here.
At Surety1.com we make it easy to obtain this surety bond. Our simple, 3 step process is:
Once these steps have been completed, the Massachusetts Debt Collector Bond will be filed electronically, by Surety1.com, 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. We also maintain an A+ rating from the Better Business Bureau.