In New Jersey, anyone who is operating a collection agency or is in the business of collecting or receiving payment for others of any account, bill, or other indebtedness must annually file a New Jersey collection agency bond. The form, called a New Jersey Collection Agency Bond Application is in the form of a notarized affidavit and must be filed with the New Jersey Division of Revenue, Collection Agency Section along with a special $25 filing fee. The bond “application” attests that a $5,000 bond has been filed with the State of New Jersey as required by law. The New Jersey collection agency bond guarantees that the collection agency shall upon written demand, pay and turn over to or for the person, partnership, association or corporation for whom any account, bill or other indebtedness is taken for collection, the proceeds for such collection, in accordance with the terms of the agreement upon which such account, bill or other indebtedness was received for collection, and shall faithfully observe all laws (Title 45, Chapter 18, Revised Statutes) relating to the business. 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 SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for a New Jersey collection agency bond application or information about any bond product.
