The Utah Collection Agency Bond is a type of surety bond required to obtain a collection agency license in Utah. This $10,000 surety bond is a requirement of the Utah Department of Commerce. In Utah, a collection agency is defined as:
A business that pursues payments on debts owed by individuals or businesses. No person shall conduct a collection agency, collection bureau, or collection office in this state, or engage in this state in the business of soliciting the right to collect or receive payment for another of any account, bill, or other indebtedness, or advertise for or solicit in print the right to collect or receive payment for another of any account, bill, or other indebtedness, unless at the time of conducting the collection agency, collection bureau, collection office, or collection business, or of advertising or soliciting, that person or the person for whom he may be acting as agent.
- Required by: State of Utah Department of Commerce
- Bond Amount: $10,000
- Valid: Renewable – 1 year
This bond guarantees that the principle will abide by all Utah state laws outlined in the provisions of Title 12, Utah Code Annotated 1953. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
Utah Collection Agency Licensing 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:
- Utah Collection Agency Bond
- License application
- Supporting documents for application (listed on official page)
- Business registration
- $32 registration processing fee
All licensing fees are required by the obligee, not the surety company. For more licensing information, visit: Utah’s government website.
How to obtain a Utah 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 Utah Collection Agency Bond will be shipped to the bond principal (license applicant) to be included with the license application or license renewal.
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.