A Florida collection agency bond is required only for Florida commercial collection agencies. Consumer collection agencies are exempt from the Florida surety bond requirement however they must still register with the state. Registration of a commercial collection agency authorizes the holder to collect or solicit collection for commercial claims, asserted to be owed or due to another person, including third party collectors (assignee) of debts made by commercial businesses (Chapter 559 Part V, Florida Statutes). The Florida collection agency bond runs concurrent with the license from January 1st, to December 31st, of each year and is written in the amount of $50,000. The statute requires that upon registration the registrant will provide evidence of surety bonding and upon renewal provide; (a) A copy of the surety bond, which bond shall be one issued by a surety known by the registrant to be acceptable to the office. (b) A statement from the surety that the annual premium for the bond has been paid in full by the registrant; and, (c) A statement from the surety that the bond issued by the surety meets the requirements of this part. The Florida collection agency surety bond guarantees that every credit grantor damaged as a result of unlawful or fraudulent commercial collection activities or failure of the registrant, or any salesperson, agency or representative thereof, to comply with Chapter 559, Part V, and the duly promulgated rules that may be issued now or hereafter and other lawful orders of the Office of Financial Regulation, can bring an action on the bond for the amounts of damages sustained as a result of the registrant’s actions. National surety leader, Surety One, Inc., is a bonding specialist in the insurance and financial services sector. We offer collection agency bonds to all applicants regardless of credit. We also offer fidelity bond coverages to protect against losses due to employee dishonesty. Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for a Florida collection agency bond application or bonding support in any state.
