The Montana Collection Agency Bond guarantees 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.
- Required by: Montana Department of Justice Office of Consumer Protection
- Minimum Bond Amount: $50,000
- Maximum Bond Amount: Varies
- Valid: Continuous – Renewable
This bond guarantees that the principle will abide by all Montana state laws and regulations outlined in Montana Code Annotated 30-14-2001.
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 before the cancellation date.
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:
- License application
- Supporting documents for application (listed on official page)
- $1,000 license application fee
- Certificate of compliance
All licensing fees are required by the obligee, not the surety company.
Licenses expire annually on February 1st.
For more licensing information, visit: Montana’s government website.
How to apply for your Montana Collection Agency Bond
At Surety1 we make it easy to apply for your bond. Simple complete our easy to use, online application and within 1 business day one of our surety agents will contact you with a firm price for the bond. Then, sign some paperwork, make payment (all major credit cards accepted) and your bond will be delivered via tracible mail. Overnight shipping is also available. Need bonds for multiple States? No problem, you only need to complete one application and choose which states you want to get licensed and bonded in.
Surety1.com is a service of AssuredPartners, one of the nations largest and fastest growing insurance agencies. Since 2003, Surety1 has been the premier, online provider of surety bonds nationwide. Surrety1 maintains an A+ rating from the Better Business Bureau and is licensed in all 50 states.