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. The bond amount is $5,000 and the cost of the bond is usually the minimum premium and fees f $150.00.
How to Get a Washington 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 Washington Collection Agency Bond will be shipped to the bond principal (Licensee).
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. The company maintains an A+ rating from the Better Business Bureau and is licensed in all 50 states.
For a list of states that require collection agency bonds, visit our collection agency guide page.
Surety Bond
- Required by: Washington Department of Licensing, Collection Agency Section**
- Minimum Bond Amount: $5,000
- Maximum Bond Amount: Varies
- Valid: Renewable – Continuous
The Washington Collection Agency 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.
** A bond is not required for an out-of-state collection agency if the agency’s home state already requires a bond or similar legal alternative for collection agencies. To waive the Washington bonding requirement, enclose proof that your bond is current and a copy of the regulations from your home state for review.
Washington 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:
- Washington collection agency bond
- License application
- Supporting documents for application (listed on official page)
- Information of individuals with 20% or more interest in the business
- $19 licensee application processing fee
All licensing fees are required by the obligee, not the surety company.
For more licensing information, visit: Washington’s government website.
Operating in Multiple States? Visit our State By State Guide to Collection Agency Bonds
How to Get Your Washington Collection Agency Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.