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Is There a Bond Requirement for an Idaho Collection Agency?

A man sits at a desk with business cards that say 'Bill Collector

A Collection Agency Bond guarantees that the Idaho collection agency will handle money appropriately and give money received to the company requesting collections for debt.

Applicants must complete an application located on the National Mortgage Licensing System (NMLS) website.

Application requirements are as follows:

Provide a business plan, management chart, and organization chart, sample business documents, and a Debt Management Agreement.

Obtain a Certificate of Good Standing or Certificate of Authority from the Idaho Secretary of State or domicle state.

Provide resumes with license specific details including description, duties, and experience in the industry.

If applicable, provide formation documentation for Corporations, Limited Liability Companies, or Partnerships.

A $15,000 surety bond is required for licensure. Obtain your bond from SuretyGroup.com. Upon purchase of the bond the surety will upload the bond into the NMLS ESB system directly for you.

If any question was answered yes in the disclosure statements, provide a written explanation for the answer.

Complete the Trust Account Authorization/Consent of Service of Process release.

An initial filing is due with an initial application. Thereafter, quarterly filings and an annual filing are due.

How Much Will This Bond Cost?

The premium that you pay for an Idaho Collection Agency bond is dependent on owner's credit.

Have Questions?

Contact our Surety Bond Specialists at:

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

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