The North Dakota Collection Agency Bond is a type of surety bond that is one requirement to obtain a collection agency license in the state. While the bond is a required by the North Dakota Department of Financial Institutions, the license application is processed through the Nationwide Mortgage Licensing System (NMLS) and the surety bond is filed electronically with the NMLS. A collection agency license is required for any person or entity who engages in the act of collecting or attempting to collect, directly or indirectly, debts owed or due or asserted to be owed or due another. This also includes solicitation of debts for the purpose of collection and accepting assignment of debts for the purpose of collection. The license authorizes:
- Third-party debt collection
- Active debt buying
- Judgment Recovery
- Required by: North Dakota Department of Financial Institutions
- Bond amount is $50,000.
This bond guarantees that the principle will abide by all North Dakota state laws outlined in Chapter 13-05 of the North Dakota Century Code.
North Dakota Collection Agency License 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:
- North Dakota Collection Agency Bond
- Online license application through NMLS
- Supporting documents for application (listed on official page)
- Financial statements
- $800 State fee
For more information, visit the NMLS license check list here.
How to obtain a North Dakota 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 North Dakota Collection Agency Bond will be filed electronically by the Surety1.com team.
(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.
For a list of states that require collection agency bonds, visit our collection agency guide page.