A collection agency in the State of Idaho must be licensed and provide an Idaho collection agency bond. The state agency regulating debt collection activity, the Department of Finance defines licenses collection agencies and state law Title 26, 2223 defines a “collection agency” as a person or entity who, (2) engages in the business of collecting or receiving payment for others of any account, bill, claim or other indebtedness; (3) solicits or advertises to collect or receive payment for another of any account, bill, claim or other indebtedness; (4) sells or otherwise distributes in thie state any system or systems of collection letters or similar printed matter where the name of any person other than the particular creditor to whom the debt is owed appears; (5) engages in any activity in this state which indicates that a third party is or may be involved in effecting any collections; or, (6) engages or offers to engage in the business of collecting any form of indebtedness for that person’s own account if the indebtedness was acquired from another person and if the indebtedness was either delinquent or in default at the time it was acquired. The ‘surety bond for permittee under the Idaho Collection Agency Act‘ must be a minimum of $15,000 although the amount can be increased. The Idaho collection agency bond obligation ensures against the licensee’s failure to account for and pay over the proceeds of any collection made or money received for payment or prorating to creditors, or failure to return to a debtor any sum received that was not to be applied to his debts. The nation’s surety leader, Surety One, Inc., is a specialist in the bonding needs of the financial services sector. We will issue these surety bonds for ALL applicants in every state that requires bonding of collection agencies. We also offer superlative fidelity bond coverages to protect against losses due to employee dishonesty. Visit the surety leader at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for an Idaho collection agency bond application or information about any bond product.
