A person needs to be licensed as a debt collector and provide a Maine debt collector bond to the State if the principal purpose of his or her business is the collection of any debts directly or indirectly owed or due or asserted to be owed or due another. A license is required if the debt collector is located in Maine or if the debt collector, wherever located, attempts to collect debts incurred between a Maine resident and a business located in Maine. In addition, a license is required if the debt collector engages in face-to-face solicitation of creditors in this State as clients, or if the debt was originally incurred in Maine. Each application must be accompanied by a Maine debt collector bond. The term of the bond must run concurrent with the period of time during which the license will be in effect. The size of the bond varies with the type of debt collection and the gross collections on behalf of Maine creditors each year. A new applicant undertaking direct collections must obtain a Maine debt collector bond in the amount of $20,000.00. A new applicant who limits their activities to repossessions needs a $15,000.00 bond. A letter writing company is required to obtain a $5,000.00 surety bond. The bond obligation guarantees that the debt collector will within 30 days after the close of each calendar month, report and pay to its customers the net proceeds due and payable of all collections made during said calendar month, or deliver all repossessed property, and shall strictly, honestly and faithfully comply with all provisions of state law including Title 32, M.R.S.A., Sections 11001 to 11054. Maine surety leader, Surety One, Inc., specializes in the bonding needs of the insurance and financial services sector. We offer debt collector surety bonds to all applicants in every state where bonds are required. We also offer fidelity bond coverages especially for colletions agencies to protect against internal dishonesty losses. Visit SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for an Maine debt collector bond application or information about any surety product.
