The state of North Carolina has decided to change the bond form for the surety bond needed to become a licensed debt collector. The new form, introduced last month, will be difficult, if not impossible to place at reasonable terms and conditions. The problem with the form is that the cancellation clause was removed. No surety company will want to provide a surety bond that it cannot either cancel or wait for a set expiration date.
The Surety Association of America has written the state and voiced concern as has this agency. Hopefully the state will come to its senses and include a cancellation provision in the bond p form.