Wyoming law prohibits a person or business entity from operating a collection agency or debt collector service without having first received a license and posted a Wyoming collection agency bond. “Collection agency” means any person who: (A) Engages in any business, the purpose of which is the collection of any debts for Wyoming creditors; (B) Regularly collects or attempts to collect for Wyoming creditors, directly or indirectly, debts owed or due or asserted to be owed or due another; (C) Takes assignment of debts for the purpose of collecting such debts; (D) Solicits for collection debts owed or due a Wyoming creditor; (E) Uses a fictitious name or any name other than their own name in the collection of their own accounts receivable; or (F) Collects debts incurred in the state from debtors located in Wyoming by means of interstate communications, including telephone, mail or facsimile or any other electronic method, from the debt collector’s location in another state. The Wyoming collection agency bond must be written in the amount of $10,000 and must be filed with the Collection Agency Board. The surety bond, pursuant to WY 33-11-108(b), “shall be conditioned that the principal, as a licensee under this act, shall pay and turn over to or for the use of any claimant from whom any debt is taken or received for collection, the proceeds of such collection less the charges for collection in accordance with the terms of the agreement made between the principal and the claimant.” The surety leader, Surety One, Inc., specializes in the bonding needs of the financial services sector. We offer this class of surety bonds to ALL applicants regardless of applicant credit condition. We also offer broad fidelity bond protections to guard against losses due to employee dishonesty. Visit SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for an Wyoming collection agency bond application or information about any surety bond product throughout the U.S.
