The Washington collection agency bond is a type of surety bond that 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 Washington state laws outlined in Chapter 19.16 of the Revised Code of Washington.
Since this bond is continuous, it is in full force and effect until cancelled. If it is cancelled, the obligee must be notified of the cancellation at least 30 days before the cancellation date.
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:
All licensing fees are required by the obligee, not the surety company.
For more licensing information, visit: Washington’s government website.
Surety1 makes it easy to apply for your bonds. Simply click here to access our easy to use, online application . The application allows you to apply for collection agency bonds in all the States that have a surety bond requirement. No need to complete multiple applications. Most applications are quoted within 1 business day.
Surety1 has been a premier provider of the Washington collection agency bond nationwide since 2003. The company maintains an A+ rating from the Better Business Bureau and is licensed in all 50 states.