Maine Debt Collector Bond

Bond Penalty: $50,000 or less based on collection volume

A Main debt collector bond and formal licensing are now required of all collection agencies that fall within the state's statutory definition of "debt collector." Per the Department of Consumer Protection, "A person needs to be licensed as a debt collector if the purpose of his or her business is the collection of any debt(s) directly or indirectly owed or due or asserted to be owed or due another. Licensing is required if the debt collector is located in Maine or from outside of Maine attempts to collect debts incurred between a Maine resident and a business located in Maine. A license is also required if the debt collector engages in face-to-face solicitation of creditors in Maine as clients, or if the debt was originally incurred in Maine.

New regulations created the surety bond requirement. The Main debt collector bond amount is based on the annual volume of collections business that the agency handles. The formula for determining the bond amount is as follows. If:

  • Gross collections for the year average over $40,000 per month are required to procure a $50,000 bond.
  • Gross collections are between $30,000 and $40,000 need a $45,000 bond.
  • Gross collections are between $20,000 and $30,000 per month need a $35,000 surety bond.
  • Gross collections average between $10,000 and $20,000 are required to obtain a $25,000 bond.
  • Gross collections are under $10,000 per month are required to obtain a bond in the amount of $15,000.
  • A repossession agent bond is fixed at $15,000.
  • A $5,000.00 bond is required to renew the license of a letter writing company which makes no direct collections.

The Maine debt collector bond form is the same for repossessors. The surety bond obligation is a guarantee that within thirty days after the close of each calendar month each debt collector will report and pay to its customer(s) the net proceeds due and payable on all collections made during that calendar month. In the case of a repossessor, will deliver all repossessed property to his or her client(s). Both licensees must "strictly, honestly and faithfully comply with all provisions of state law including Title 32, M.R.S.A., Sections 11001 to 11054" and those administrative rules promulgated by the Department.

Maine surety bond leader, SuretyOne.com is a specialist in the bonding needs of collection agencies. We offer both the surety and fidelity bonds needed by debt collection professionals in all fifty states, Puerto Rico and the U.S. Virgin Islands. Questions about this surety bond? Call us at (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for live chat. A Maine debt collector bond is quick, easy and issued same-day.

Surety bond application review and quoting are free of charge. There is no obligation to purchase.

What We Need From You

Additional Attachments

  • Current financial statement if bond is $50,000 or greater