{"id":981,"date":"2013-04-29T03:00:22","date_gmt":"2013-04-29T03:00:22","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=981"},"modified":"2017-01-03T16:20:36","modified_gmt":"2017-01-03T16:20:36","slug":"wisconsin-collection-agency-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/wisconsin-collection-agency-bond\/","title":{"rendered":"Wisconsin Collection Agency Bond"},"content":{"rendered":"<p>A <strong><a title=\"Surety One\" href=\"https:\/\/suretyone.com\" target=\"_blank\">Wisconsin collection agency bond<\/a><\/strong> is expected from any party\u00a0engaging in the business of collecting or receiving for payment for others of any account, bill, or other indebtedness. \u00a0Pursuant to and licensed under <a title=\"WI Collection agency law\" href=\"http:\/\/docs.legis.wisconsin.gov\/statutes\/statutes\/218\/III\/04\" target=\"_blank\">WI\u00a0Sec. 218.04<\/a>, collection agencies are hired by creditors to collect the outstanding debts of individuals and companies. While\u00a0attorneys at law authorized to practice in Wisconsin and resident herein, banks, express companies, health care billing companies, state savings banks, state savings and loan associations, insurers and their agents are exempt, all other parties must provide the <strong><a title=\"WI Collection Agency bond form\" href=\"http:\/\/www.wdfi.org\/_resources\/indexed\/site\/fi\/lfs\/ca\/cabond.pdf\" target=\"_blank\">Wisconsin collection agency bond<\/a><\/strong> and obtain the approval of the <a title=\"WI Div of Banking\" href=\"http:\/\/www.wdfi.org\/fi\/lfs\/ca\/default.htm\" target=\"_blank\">Division of Banking<\/a>. \u00a0The surety bond obligation guarantees that the agency will comply with the provisions of Sec. 218.04, Wis. Stats., or any subsequent amendment or amendments thereof and all lawful orders, rules and regulations in effect or which may be issued thereunder. \u00a0The <strong>Wisconsin collection agency bond<\/strong> also guarantees payment to the person, partnership, association or corporation for whom any account, bill or other indebtedness is taken for collection, all sums to which such person, partnership, association or corporation shall be entitled, shall reimburse any person, partnership, association or corporation and the fees paid in advance for collection services which cannot be performed pursuant to a written agreement. \u00a0The <strong><a title=\"Surety One commercial surety page\" href=\"https:\/\/suretyone.com\/commercial-surety-bonds\" target=\"_blank\">Wisconsin collection agency bond<\/a><\/strong> guarantees that the collection agency will also pay for any examination or liquidation costs incurred by the <a title=\"WI Dept of Financial Instit\" href=\"http:\/\/www.wdfi.org\/fi\/lfs\/ca\/default.htm\" target=\"_blank\">Department of Financial Institutions<\/a> for Wisconsin under the provisions of Sec. 218.04, Wis. Stats., which costs shall be considered a preferred claim. \u00a0The bond is continuous by its own wording, requiring sixty days notice from surety in order to cancel. \u00a0The <strong>Wisconsin collection agency bond<\/strong> imposes some significant responsibilities on the surety including an obligations to respond very promptly and report claim settlements to the Department. \u00a0The bond does have a four year &#8220;tail&#8221;, i.e., allowing for filing of an action against the bond up to four years from cancellation of the surety bond obligation.\u00a0<strong>Wisconsin surety leader<\/strong>,\u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\/\" target=\"_blank\">Surety One, Inc.<\/a>\u00a0focuses on the bonding needs of the \u00a0insurance and financial services sector. \u00a0We collection agency bonds<em>\u00a0<\/em>to all applicants in every state where they must be bonded. We also offer broad\u00a0<a title=\"Surety One fidelity bond page\" href=\"https:\/\/suretyone.com\/fidelity-bonds\" target=\"_blank\">fidelity bond<\/a>\u00a0coverages to mitigate internal dishonesty loss risk. \u00a0Visit\u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\/\" target=\"_blank\">SuretyOne.com<\/a>, call\u00a0<span style=\"color: #ff0000;\">(787) 333-0222<\/span>\u00a0or\u00a0<span style=\"color: #ff0000;\">(800) 373-2804<\/span>, or email\u00a0<span style=\"color: #ff0000;\">Underwriting@SuretyOne.com<\/span>\u00a0for a\u00a0<strong>Wisconsin collection agency bond<\/strong>\u00a0application or information about any surety or fidelity bond need.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Wisconsin collection agency bond is expected from any party\u00a0engaging in the business of collecting or receiving for payment for others of any account, bill, or other indebtedness. \u00a0Pursuant to and licensed under WI\u00a0Sec. 218.04, collection agencies are hired by&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/wisconsin-collection-agency-bond\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[1227,1229,1228,1230],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wisconsin Collection Agency Bond &bull; Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/wisconsin-collection-agency-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wisconsin Collection Agency Bond &bull; Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"A Wisconsin collection agency bond is expected from any party\u00a0engaging in the business of collecting or receiving for payment for others of any account, bill, or other indebtedness. \u00a0Pursuant to and licensed under WI\u00a0Sec. 218.04, collection agencies are hired by... 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