5832 W Camelback Rd ste 1, Glendale, AZ 85301, EE. UU.
(800) 380-1412

ARIZONA COLLECTION AGENCY BOND

ARIZONA COLLECTION AGENCY BOND

ARIZONA COLLECTION AGENCY BOND

Arizona Collection Agency Bond – Most states require collection agencies to purchase a surety bond before they can receive their business license or registration. A Collection Agency Surety Bond, also known as a Debt Collector Surety Bond, guarantees that collection agencies will appropriately handle the money they receive when pursuing outstanding debts. They also require that these funds be routed to the company with the debt outstanding, minus any agreed-upon collection fees.

 

Who Requires the Collection Agency Bond and Why Is It Needed?

A Collection Agency Bond is required for licensed collection agencies operating in Arizona within the meaning of Title 32, Chapter 9, Arizona Revised Statutes. Along with complying with the Arizona Revised Statutes, the state requires that the bonded collection agency pays all damages suffered by anyone injured by wrongful acts, fraud or misrepresentation by the licensee or its employees relating to any transaction governed by the statutes or licensing terms and conditions.

 

What is Needed to Obtain My License or Registration?

 

  • DFI License Application

  • Collection Agency Supplement

  • Biographical Statement

  • Collection Agency Bond

  • Statement of Citizenship

  • Personal Financial Statement

  • Company Financial Statement

 

Surety Bond

Required by: Arizona Department of Financial Institutions

  • Minimum Bond Amount: $10,000

  • Maximum Bond Amount: $35,000

  • Valid: Continuous – Renewable

This bond guarantees that the principle will abide by all Arizona state laws outlined in the Arizona Revised Statutes, Title 32.

 

The applicant should confirm the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.

 

Since this bond is continuous, it is in full force and effect until canceled. If the bond is canceled, the obligee has to be notified of the cancellation at least 30 days before the cancellation date.

ARIZONA COLLECTION AGENCY BOND