A collection agency in the State of Maryland must be licensed and provide a Maryland collection agency bond. The state agency regulating debt collection activity, the Commissioner of Financial Regulation defines a “collection agency” as a person who engages in the business of: (1) (i) collecting for, or soliciting from another, a consumer claim; (ii) collecting a consumer claim the person owns, if the claim was in default when the person acquired it; (2) collecting a consumer claim the person owns, using a name or other artifice that indicates that another party is attempting to collect the consumer claim; (3) giving, selling, attempting to give or sell to another, or using, for collection of a consumer claim, a series or system of forms or letters that indicates directly or indirectly that a person other than the owner is asserting the consumer claim; or (4) employing the services of an individual or business to solicit or sell a collection system to be used for collection of a consumer claim. The Maryland collection agency bond must be issued in the amount of $5,000 and guarantees strict compliance with Maryland Code Annotated, Business Regulations § 7-101 et seq. (Collection Agency Law) and the
Maryland Code Annotated, Commercial Law § 14-201 et seq. (Consumer Debt Collection). 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 a Maryland collection agency bond application or information about any bond product.
