Collection Agency Bonds

A collection agency, also known as a debt collector, is an entity typically used by creditors to collect consumer debt that the creditor has not been able to recover. A collection agency performs this service in exchange for a fee or percentage of the recovered debt.

Each bond is underwritten for approval and requires a mandatory credit review. Because a collection agency bond is often considered high risk for the bonding company due to the high volume of personal information exchanged and the guarantee that recovered funds will be properly distributed, underwriting approval is necessary.1

Bond amount varies by state since there is no nationwide bond requirement for licensed collection agencies.  

Available Policies & Rates
If you have questions regarding the bonds shown below, or if the bond you need is not listed, please call (877) 376-8676, option 2, to speak with a bond specialist or email requests to [email protected]

StatePenaltyYearsPremiumActions
Alaska$5,0001$80Get Application
Arizona
Gross Income Previous Year:
$0 - $250,000
$250,001 - $500,000
$500,001 - $750,000
$750,001+


$10,000
$15,000
$25,000
$35,000


1
1
1
1


$50
$71
$119
$166
Get Application
Arkansas
Number of Collectors
1 - 5 Collectors
6 - 12 Collectors
13+ Collectors


$10,000 Per Location
$20,000 Per Location
$25,000 Per Location


2
1
1
2



$125
$100
$125
$219
Get Application
Colorado$12,000 - $20,000
(Determined by annual collections)
2
$125
Get Application
Connecticut$25,0001
2
$125
$219
Get Application
Florida
- Commercial Collection Agency

$50,000

1

$250 - $5002
Get Application
Hawaii
- Main Office
- Branch Office

$25,000
$15,000 Per Branch

1
1

$125
$125
Get Application
IdahoVaries ($15,000 Minimum)1$5 per $1,000 after $125 minimumGet Application
Illinois$25,0001
3
$125
$325
Get Application
Indiana$5,000 Per Location2$125Get Application
Maine3$10,000 / $20,0002$125Get Application
Maryland$5,0002$125Get Application
Massachusetts$25,0001$125Get Application
Michigan
- First License Year
- Subsequent License Years

$5,000
$5,000 - $10,000+
(Depending on collections)

2
2

$125
$125
Get Application
Minnesota

$50,000 Minimum
$55,000 - $100,000
(Depending on collections)
1
1
$250
$5 per $1,000
Get Application
Nebraska
Number of Solicitors
1 - 4 Solicitors
5 - 15 Solicitors
16+ Solicitors


$5,000
$10,000
$15,000


1
1
1


$125
$125
$125
Get Application
Nevada
Average Balance in Agency's Trust Account
$0 - $99,999
$100,000 - $149,999
$150,000 - $199,999
$200,000+


$35,000
$40,000
$50,000
$60,000


1
1
1
1


$175
$200
$250
$300
Get Application
New Jersey$5,0001$80Get Application
New York
- City of Buffalo
- City of New York4

$5,000
$5,000

2
2

$125
$175
Get Application
North Carolina$20,000 - $75,000 Per Location1$5 per $1,000 after $200 minimumGet Application
North Dakota$50,0001$313Get Application
Oregon
- OR Agency/Trust Location
- Out of State Agency

$10,000
$15,000

2
2

$125
$125
Get Application
Tennessee
Number of Employees
1 - 4 Employees
5 - 9 Employees
10+ Employees


$15,000
$20,000
$25,000


1
1
1


$100
$100
$100
Get Application
Texas$10,0002$125Get Application
Utah$10,0001$125Get Application
Washington$5,0002$125Get Application
West Virginia$5,000 Per Location1$80Get Application
WisconsinVaries, $25,000+1$5 per $1,000 after $125 minimumGet Application
Wyoming$10,0001$125Get Application

Application
Please select your state based on the above chart to download your bond application. Fill out the form and return it to E. R. Munro and Company. To expedite your submission, please email the application to [email protected] or fax it to (412) 281-6195.

Footnotes

  1. Approval of each bond is subject to underwriting review. Financial statements will be required for bonds penalties of $50,000 or more. Financial statements will also be required for each principal issued 5 or more bonds or when a principal’s total bond aggregate exceeds $50,000.
  2. Premium depends on the number of states the applicant is licensed in.
  3. Agency names starting with A-M expire 07/31 of every even year, while agency names starting with N-Z expire 07/31 of every odd year. The bond amount is determined by the type of debt collected and the gross collection on behalf of Maine creditors each year.
  4. Bond requirement when child support is collected. Bond term runs concurrently with the license term. Each bond expires 01/31 of each odd year. If the bond is issued mid-term and is active for 1 year or less, the premium will be $100.