New Jersey Collection Agency Bond

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The New Jersey Collection Agency Bond is a type of surety bond required to act as a collection agency in the state. The $5,000 bond is required by the New Jersey Division of Revenue and Enterprise New Jersey Collection Services. The process is a little confusing in the state as there is no Collection Agency License, however the surety bond must be on file. Anyone who is operating a collection agency or is in the business of collecting or receiving payment for others of any account, bill, or other indebtedness must annually file a Collection Agency Bond Application (click for link to the application). Not to be confused with the surety bond application provided by Surety1.com. Surety1.com will provide the actual surety bond, with the Power of Attorney and required financial statement of the surety company. 

“New Jersey statutes (N.J.S.A. 45:18 et seq.) dictates that no person can operate a collection
agency, collection bureau or collection office or engage in the business of collecting or receiving
payment for others of any account, bill, or other indebtedness without having a sufficient bond
on file with the Secretary of State. “

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. The cost of the bond is usually $150.00.

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How to Get a New Jersey Collection Agency Bond

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

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

Once these steps have been completed, the original New Jersey Collection Agency Bond will be shipped to the bond principal (applicant). Mail the bond with the remainder of the surety bond application (state’s form, not the surety1 application) to:

NJ Division of Revenue
Collection Agency Bond Section
PO Box 453
Trenton, NJ 08646

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.

For a list of states that require collection agency bonds, visit our collection agency guide page.