The New York City 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.
This bond guarantees that the principle will abide by all New York local and state laws.
If the bond is to be cancelled, the obligee must be notified of the cancellation at least 60 days before the cancellation date. the term of the bond corresponds with the licnese and the license renews on January 31 of odd numbered years.
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:
For more licensing information, visit: New York City’s government website.
At Surety1, we make it easy to obtain the surety bonds you need. Simple complete our easy to use, online application , and one of our licensed agents will contact you with a firm quote. Then make payment (all major credit cards accepted), sign some paperwork, and our bond will be delivered via traceable mail. Overnight shipping is also available.
Surety1.com is a service of AssuredPartners, one of the largest and fastest growing insurance agencies in the USA. Surety1 has been the premier, online provider of surety bonds nationwide since 2003. Surety1 maintains an A+ rating from the Better Business Bureau and is licensed in all 50 states.