A North Dakota collection agency bond is required to be maintained in order to operate a collection agency in the State. The regulating statute defines a collection agency as any persona or entity who in the ordinary course of business, engages in debt collection (ND Chap. 13-05-01). The surety bond must be written in the amount of $20,000, however if any action is commenced against the bond then the Commissioner can require posting of another bond. The North Dakota collection agency bond is a strict compliance guarantee that the licensee will comply with the North Dakota Century Code Chap. 13-05, and any rules promulgated by the Commissioner. The underlying statute outlines specific prohibited practices as well as significant record keeping requirements. The North Dakota surety bond for collection agency form SFN 2115 must be used, and it contains an onerous forfeiture provision.
North Dakota surety bond leader, Surety One, Inc. specializes in the bonding needs of the insurance and financial services sector. We offer this class of surety bond to all applicants in every state where collection agencies must be bonded. We also offer superlative fidelity bond coverages especially for colletions agencies to mitigate the risk of internal dishonesty losses. Visit us at SuretyOne.com, call (800) 373-2804, or email Underwriting@SuretyOne.com for an North Dakota collection agency bond application or information about any surety product.
