A Wyoming Collection Agency Bond is a type of surety bond required to obtain a collection agency license in the state of Wyoming. While the license and surety bond are required by the Wyoming Division of Banking, the license application and administration is managed by the Nationwide Mortgage Licensing System (NMLS). The required surety bond will be filed electronically by Surety1.com with the NMLS. One must have a collection agency license in the state if:
- If the purpose of your business is to collect debts for Wyoming creditors (any person who offers or extends credit creating a debt or to whom a debt is owed).
- If you take assignment of debts for the purpose of collecting those debts.
- If you solicit Wyoming creditors to collect their debts.
- If you use a name other than your true company name to collect your past-due accounts.
- If you collect debts incurred in Wyoming by Wyoming debtors by interstate communications (telephone, mail, facsimile or other electronic methods) from your company’s location in another state.
A license is not required if you only do collection activities for commercial entities. Out of state collection agencies that collect from Wyoming residents are required to be licensed and there is no reciprocal agreement in place.
Wyoming 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:
- Wyoming Collection Agency Bond
- Surety bond amount is $10,000 per location.
- License application
- Supporting documents for application (listed on NMLS page)
- $500 licensing fee
- Resident manager application
- Affidavit of good moral character
All licenses must be renewed annually in order to remain valid. This is required by the obligee, not the surety company. For more licensing information, visit: NMLS License Check List.
How to Obtain a Wyoming 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 Wyoming Collection Agency Bond will be filed electronically with the NMLS.
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.