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Does an Arkansas Collection Agency Need a Surety Bond for Licensure?

A bill collector in Arkansas sits at a desk

A Collection agency collects debt on behalf of a client. Collection agencies that are located in Arkansas, or collect from debtors in Arkansas, must be licensed. The Arkansas State Board of Collection Agencies requires an Arkansas Collection Agency Bond as a guarantee that the collection agency will handle money appropriately. Any money received will appropriately go to the company requesting collections for debt.

Application and Renewal Fees:

$125 Licensing fee
$20 fee for Agency Manager
$20 fee for each collector and solicitor

Documents needed when applying for a license:

Application: Applications must be filled out completely, and must be notarized.
Proposed Manager Information Form: Must be completely filled out and notarized. The proposed manager must provide work experience and knowledge of federal and state debt collection law.
Registration of Collectors Form
Organizational chart showing all of the collection agency's parent companies, subsidiaries, affiliates, etc.
Surety Bond

Surety Bond amounts are determined by the size of the agency:

  • $10,000 Surety Bond: Agencies with five or less collectors
  • $20,000 Surety Bond: Agencies with six to 12 collectors
  • $25,000 Surety Bond: Agencies with 13 or more collectors
  • How Much Does This Bond Cost?

    The premium amount you pay for an Arkansas Collection Agency Surety Bond is dependent on credit.

    Did You Know?

    An agency's license will be suspended or revoked upon the cancellation or expiration of its bond. The agency must renew or obtain a new bond in order to continue business.

    Related Links:

    Arizona Code Annotated
    Arizona State Board of Collection Agencies
    Arizona Collection Agency License Renewal Form Instructions

    Contact SuretyGroup.com

    Our Surety Bond Specialists are ready to assist you with your bonding needs.

    Phone: 1‑844‑432‑6637
    Fax:     404-351-3237
    Hours: 8:00-5:00 CST, Monday through Friday

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