The Nevada Foreign Collection Agency Bond is a type of surety bond required by the Department of Business & Industry, Financial Institutions Division and administration of the license is managed by the Nationwide Mortgage Licensing System (NMLS). This is bond is for a person/s who is not licensed in the state of Nevada as a collection agency. They may apply to the Commissioner as a foreign collection agency. In lieu of a license, out-of-state debt buyers may obtain a Certificate of Registration as a Foreign Collection Agency subject to a number of requirements and restrictions. To be issued and to hold a certificate of registration as a foreign collection agency, a person:
- Must meet the qualifications to do business as a collection agency in this State;
- Must not have any employees or agents present in this State who engage in the collection of
claims and must not maintain any business locations in this State as a collection agency;
- Must submit proof to the Commissioner, upon application and upon each annual renewal of
the certificate of registration, that the person and his or her employees and agents will not, in this
- Engage in the business of soliciting the right to collect or receive payment for another of any
- Respond to a bid, proposal or invitation for the right to collect or receive payment for
another of any claim, unless the bid, proposal or invitation is for the collection of claims owed by
residents of another state; 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;
- When collecting claims against debtors who are present in this State, must:
- Limit his or her activities and those of his or her employees and agents to interstate
communications by telephone, mail or facsimile;
- Limit his or her activities and those of his or her employees and agents to the collection of
claims from residents of this State on behalf of residents of another state; and
- Comply with the requirements of NRS 649.305 to 649.375, inclusive, with regard to his or
her activities and those of his or her employees and agents;
How to get a Nevada Foreign 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. 2
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Nevada Foreign Collection Agency Bond will be uploaded to 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.
2- Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required
The cost of the surety bond is usually between 1% and 3% of the bond amount, subject to a minimum premium and fees of $150 to$250. Surety1 will shop its many markets to procure the right price at the right terms.
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 by the Better Business Bureau.
What is the purpose of a Nevada Foreign Collection Agency Bond?
The bond states that the bondholder shall pay to the State of Nevada through the Division of Financial Institutions of its Department of Business and Industry any money due upon the written request of the Commissioner, pursuant to a verified statement of particulars submitted by any customer disclosing the sums of accounts turned over for collection and unaccounted for by the bondholder.
What is the amount of the Nevada Foreign Collection Agency Bond?
The surety bond, as written on the NRS 649.105, starts at $35,000. Please refer to the fees below for the exact amount of the surety bond:
AVERAGE MONTHLY BALANCE AMOUNT OF BOND REQUIRED
- Less than $100,000 $35,000
- $100,000 or more but less than $150,000 $40,000
- $150,000 or more but less than $200,000 $50,000
- $200,000 or more $60,000