A Collection Agency Bond guarantees that the Idaho collection agency will handle money appropriately. Any money received will appropriately go 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.
The premium that you pay for an Idaho Collection Agency bond is dependent on owner(s) credit.
We have been underwriting surety bonds for over 35 years, and we offer bonds for individuals and businesses of every size.
Our team of experienced surety specialists and in-house underwriting authority gives us a unique advantage over other surety companies. We are able to offer competitive, low rates, quick approvals and immediate bond delivery. In most cases we can approve your application today and deliver your bond tomorrow.
Hours: 8:00-5:00 CST, Monday through Friday