New York Collection Agency Surety Bond
If you're planning to operate a collection agency in the State of New York, obtaining a Collection Agency Surety Bond is an essential step in the licensing process. Surety One, Inc. provides fast, reliable bonding services for collection professionals in all five boroughs and throughout the state. With over three decades of expertise in the surety bond industry, we make it easy to comply with New York’s legal requirements so you can get to work quickly and confidently.
Under the authority of the New York City Department of Consumer and Worker Protection (DCWP) and the New York State Department of State (NYSDOS), collection agencies are required to obtain a surety bond to ensure compliance with the governing rules of ethical conduct and consumer protection laws. This bond acts as a financial guarantee that the agency will operate in a lawful and professional manner, protecting both creditors and consumers from potential mismanagement or abuse.
The surety bond amount for a New York collection agency is $5,000, though the required amount may vary based on business volume or jurisdiction (particularly in New York City). The surety bond must be issued by a company licensed to do business in New York and must remain in force throughout the duration of the collection agency license. The bond guarantees that the licensed agency will adhere to all statutes outlined in New York General Business Law, particularly those found in Article 29-H.
FYI: If you intend to conduct business in Buffalo, the city requires that its own collection agency surety bond form be used.
Surety One, Inc. makes the bonding process simple and stress-free. Our online application is streamlined for quick approvals, and many bonds are issued the same day. We offer competitive pricing and flexible underwriting, including programs for applicants with credit challenges. Our underwriting team works directly with you to ensure you meet all compliance requirements without delay.
New York surety bond expert Surety One, Inc., is committed to supporting your business's compliance and success in New York's debt collection profession. The application process for obtaining a bond is simple. Only a simple commercial surety bond application is required. The bond, application for licensing and supporting materials are necessarily filed with the state regulator where the collection agency is domiciled. Most jurisdictions now process application through Nationwide Multistate Licensing System & Registry (NMLS) however the underlying regulator is often the state department of insurance. We offer immediate approval of your collection agency bond request. Our special programs afford each applicant bonding capacity regardless of credit and/or financial condition. Operating in multiple states? No problem! We offer surety and fidelity bonds in all states. Call (800) 373-2804, email Underwriting@SuretyOne.com or click here for a conversation with an underwriter (yes, a "real person", not a bot).
Surety bond application review and quoting are free of charge. There is no obligation to purchase.
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