The Secretary of State requires the Texas Third Party Debt Collector Bond.
The Texas Secretary of State requires the Texas Third Party Debt Collector Bond be in the amount of $10,000. However, this bond will not cost that much to get. The cost of this bond with Surety1 starts at $100 for the year.
Third party debt collectors are not required to register with the Secretary of State or the State of Texas, but they must have this bond on file in order to engage in debt collection. The Texas Third Party Debt Collector Bond states that the bond holder will faithfully discharge all obligations, duties and responsibilities under the Texas Finance Code.
Surety companies must write the Texas Third Party Debt Collector Bond for and in favor of the public to ensure their protection from financial harm. This bond ensures that the people of the State of Texas are not wronged by the third party debt collector. A person can file a claim on the bond to seek compensation if they find themselves harmed by the third part debt collector.