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]
| State | Penalty | Years | Premium | Actions |
|---|---|---|---|---|
| Alaska | $5,000 | 1 | $80 | Get 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 | $25,000 | 1 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 |
| Idaho | Varies ($15,000 Minimum) | 1 | $5 per $1,000 after $125 minimum | Get Application |
| Illinois | $25,000 | 1 3 | $125 $325 | Get Application |
| Indiana | $5,000 Per Location | 2 | $125 | Get Application |
| Maine3 | $10,000 / $20,000 | 2 | $125 | Get Application |
| Maryland | $5,000 | 2 | $125 | Get Application |
| Massachusetts | $25,000 | 1 | $125 | Get 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 | $5,000 | 1 | $80 | Get 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 Location | 1 | $5 per $1,000 after $200 minimum | Get Application |
| North Dakota | $50,000 | 1 | $313 | Get 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 | $10,000 | 2 | $125 | Get Application |
| Utah | $10,000 | 1 | $125 | Get Application |
| Washington | $5,000 | 2 | $125 | Get Application |
| West Virginia | $5,000 Per Location | 1 | $80 | Get Application |
| Wisconsin | Varies, $25,000+ | 1 | $5 per $1,000 after $125 minimum | Get Application |
| Wyoming | $10,000 | 1 | $125 | Get 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.
- Alaska - Collection Agency Bond Application (7 downloads)
- Arizona - Collection Agency Bond Application (5 downloads)
- Arkansas - Collection Agency Bond Application (6 downloads)
- Colorado - Collection Agency Bond Application (5 downloads)
- Connecticut - Collection Agency Bond Application (6 downloads)
- Florida - Collection Agency Bond Application (5 downloads)
- Hawaii - Collection Agency Bond Application (5 downloads)
- Idaho - Collection Agency Bond Application (6 downloads)
- Illinois - Collection Agency Bond Application (5 downloads)
- Indiana - Collection Agency Bond Application (7 downloads)
- Maine - Collection Agency Bond Application (5 downloads)
- Maryland - Collection Agency Bond Application (7 downloads)
- Massachusetts - Collection Agency Bond Application (6 downloads)
- Michigan - Collection Agency Bond Application (5 downloads)
- Minnesota - Collection Agency Bond Application (5 downloads)
- Nebraska - Collection Agency Bond Application (4 downloads)
- Nevada - Collection Agency Bond Application (6 downloads)
- New Jersey - Collection Agency Bond Application (6 downloads)
- New York - Collection Agency Bond Application (City of Buffalo) (6 downloads)
- New York - Collection Agency Bond Application (City of New York) (7 downloads)
- North Carolina - Collection Agency Bond Application (6 downloads)
- North Dakota - Collection Agency Bond Application (7 downloads)
- Oregon - Collection Agency Bond Application (6 downloads)
- Tennessee - Collection Agency Bond Application (6 downloads)
- Texas - Collection Agency Bond Application (4 downloads)
- Utah - Collection Agency Bond Application (6 downloads)
- Washington - Collection Agency Bond Application (6 downloads)
- West Virginia - Collection Agency Bond Application (7 downloads)
- Wisconsin - Collection Agency Bond Application (7 downloads)
- Wyoming - Collection Agency Bond Application (4 downloads)
Footnotes
- 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.
- Premium depends on the number of states the applicant is licensed in.
- 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.
- 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.
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