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Massachusetts Debt Collector Bond

Debt Collectors and Loan Servicers

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.

Collection Agency Surety Bonds

Surety Bond

  • Required by: Massachusetts Division of Banking
  • Massachusetts Debt Collector Bond amount is $25,000.
  • 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. The NMLS has published a checklist for the license requirements. This can be found here.

How to get a Massachusetts Debt Collector Bond

At Surety1.com we make it easy to obtain this surety bond. Our simple, 3 step process is:

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

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.

Massachusetts Debt Collector Bond

 

 

 

How to Get Your Massachusetts Debt Collector 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 Debt Collector Bond!   If you have any questions, please call us at 877-654-2327.
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