Do Arkansas Collection Agencies Need a Bond for Licensure?
Collection agencies collect 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:
: 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
showing all of the collection agency's parent companies, subsidiaries, affiliates, etc.
Surety Bond amounts are determined by the size of the agency:
$10,000 Bond: Agencies with five or less collectors
$20,000 Bond: Agencies with six to 12 collectors
$25,000 Bond: Agencies with 13 or more collectors
How Much Does This Bond Cost?
The premium amount you pay for an Arkansas Collection Agency 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.
Arizona Code Annotated
Arizona State Board of Collection Agencies
Arizona Collection Agency License Renewal Form Instructions
Our Surety Bond Specialists are ready to assist you with your bonding needs.
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