RedGage

Most states require collection agencies to get bonded before they receive their business licenses. The registration authorizes the agency to collect consumer debts owed or due to another person, including third party collectors of debts made by individual consumers. The collection Agency bond protects consumers against the possibility that agency acts in an illegal manner.

Collection Agency bonds work like other surety types: by ensuring that professionals do their jobs according to the stated industry regulations.These bonds require collection agencies to accurately handle the money they receive when pursuing outstanding debts. If you need to buy Collection Agency bonds online Florida visit our website now.

As per Consumer Collection Agencies (CCA), Collection Agency bond online Florida protects third party individuals and the State of Florida by ensuring that the commercial collection agency complies with the provisions of Chapter 559, Part V, Florida Statutes, and any rules, amendments or lawful orders issued now or hereafter by the State of Florida, Office of Financial Regulation, or its successors. Collection Agency Bonds are required in the approximate amount of $50,000 , as stated by CCA.

Steps to buy collection Agency License

If you want to legally operate a collection agency to collect claims owed to a third party, you will require you to obtain a collection agency license.

1. Define your State's Requirements
   You will have to meet requirements depending on your business type, adhering to state regulations before purchasing a license. In some states, licensing is handled at the state level, while other states do it via a National Mortgage Licensing System.
2. Meet All mandatory Requirements
   As already mentioned, these requirements vary depending on your state, and how you plan on your business. The most common requirements you'll have to meet consider:
   Obtaining a certificate of authority
   Submitting a plan for your business
   Submitting your financial statements
   Submitting your license fee
3. Obtain Your Collection Agency Bond
   A collection agency bond is needed in order to have your license for agency. A collection agency bond protects your clients by ensuring that you'll follow all state norms while operating your business agency. To buycollection Agency bonds online Florida, you can find out the exact state requirements on our website. We assist you in obtaining your bond quickly by following every required guideline.
4. Submit Your Agency Application
   Your state provides you with the necessary applications and paperwork that you are required to fill out. Complete the application accordingly and send it to the specific department with your surety bond document. Ensure to check all of your information before submitting it to avoid errors.
5. Obtain Your Collection Agency License
   Once all the required information is submitted, the application is reviewed by the state authorities. This process likes take one or two weeks’ time depending on your application’s complexities. Once approved, you obtain your legitimate collection agency license for your business.