The Nevada Collection Agency Bond is a type of surety bond, required to obtain a license as a collection agency in Nevada. While the license and surety bond are required by the Nevada Financial Institutions Division, the license application and management is performed via the Nationwide Mortgage Licensing System (NMLS). A collection agency license is required for any person or company that intends to operate a collection agency in Nevada or engage in the business of collecting claims for others or solicit the right to collect or receive payment for another of any claim, or advertise or solicit either in print, by letter, in person or otherwise, the right to collect or receive payment for another of any claim, or seek to make collection or obtain payment of any claim on behalf of another (NRS 649.075). If a collection agency is located outside the state of Nevada and does not have or solicit clients that are domestically registered in Nevada, it can choose to be registered as a Foreign Collection Agency and obtain a Foreign Collection Agency License. If you are unsure which license is required, Contact Nevada Financial Institutions Division at [email protected]s for assistance.
The Collection Agency License authorizes the following activities in the state:
- Consumer Loan Servicing
- Judgment Recovery
- Non-Private Student Loan Servicing
- Private Student Loan Servicing
- Reverse Mortgage Servicing
- Third Party Debt Collection
- Third Party First Mortgage Servicing
- Third Party Subordinate Lien Mortgage Servicing
Required by the Nevada Department of Business & Industry. For foreign collection agencies the surety bond amount is $35,000. For Nevada Collection agencies, the surety bond amount is set by the average monthly balance of Nevada client funds in the trust account.
|Average Monthly Balance
|| Surety Bond Amount
|Less than $100,000
|$100,000 or more but less than $150,000
|$150,000 or more but less than $200,000
|More than $200,000
The Nevada Collection Agency Bond guarantees that the principle will abide by all Nevada state laws outlined in Chapter 649 of the Nevada Revised Statutes. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
Nevada Collection Agency Licensing Requirements
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:
- Nevada Collection Agency Bond
- License application
- Supporting documents for application (listed on official page)
- Financial statement for agency
- Statement of anticipated number of employees
- License fees
All licensing fees are required by the obligee, not the surety company. For more licensing information, visit the NMLS license check list:
Collection Agency License
Foreign Collection Agency Registration
How to Obtain a Nevada Collection Agency Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- 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 Nevada Collection Agency Bond will be filed electronically with the NMLS by Surety1.com.
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 and maintains an A+ rating from the Better Business Bureau.
For a list of states that require collection agency bonds, visit our collection agency guide page.