A collection agency is a third party agent of a creditor. Given the fiduciary and other legal duties placed on commercial debt collectors, most states now require agents to be licensed and to post a collection agency bond. This type… Continue Reading →
As in most states where regulated, an Arkansas collection agency bond is required of persons and entities engaging in collection activity. Arkansas statutes defines a collection agency as any person who works with or employs one or more other persons, or… Continue Reading →
Debt collection specialists must provide an Arizona collection agency bond and obtain proper licensing before operating in the State of Arizona. State statutes define a “collection agency” as; (a) All persons engaged directly or indirectly in soliciting claims for collection or… Continue Reading →
Hawaii statutes require any person or business who operates as a collection agency to provide a Hawaii collection agency bond to the Department of Commerce and Consumer Affairs in the amount of $25,000 for the primary office and a $15,000 surety bond for… Continue Reading →
In most states a collection agency must file a surety bond with its licensing authority. In addition to ensuring compliance with the statutes regulating collection activity, the collection agency bond often offers a financial guarantee for third party funds that… Continue Reading →
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