North Dakota Collection Agency Surety Bond
A North Dakota Collection Agency is required to obtain a surety bond to conduct business as a debt collector. The North Dakota Department of Financial Institutions (DFI) requires applicants to apply for a license through the National Mortgage Licensing System (NMLS) and pay the applicable state license fee, credit report fee and the background check fee.
Surety Bond and License Requirements:
- Obtain a $20,000 Surety Bond. The surety company will upload the bond into the NMLS ESB system.
- Provide financial statements (Balance Sheet, Income Statement, Statement of Cash Flows, and Notes) prepared within 90 days of the business fiscal year end or if a new company, an initial Statement of Condition. Businesses must have a net worth of $25,000.
- Provide personal financial statements for each owner, officer, director, etc. (direct or indirect) with at least a 25% interest in the business; a Business Plan, a Management Chart, an Organizational Chart, a list of the applicants solicitors and/or debt collectors; and if applicable, a Certificate of Good Standing or Certificate of Authority and Disclosure Explanations.
- Direct and indirect owners with 25% interest, presidents or CEO's of the company and must be able to pass a background check.
How Much Will This Bond Cost?
The premium that you pay for a North Dakota Collection Agency Bond is dependent on credit.
Related Links:North Dakota NMLS Collection Agency License InformationNorth Dakota Collection Agency Information
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application