Wyoming Collection Agency Surety Bonds

Collection agencies collect debt on behalf of a client, or creditor. Wyoming collection agencies must be licensed, which includes providing a surety bond to the Wyoming Division of Banking. The surety bond guarantees that the collection agency will properly handle the funds received from collecting debts for clients.

Licensing Requirements

The state of Wyoming uses the Nationwide Multistate Licensing System & Registry (NMLS) where collection agencies can apply, renew, and manage their licensing online through the NMLS website. Application requirements include:

• Application (Company Form MU1)
• Financial Statements
• List other trade names if the business is operating under a name other than the applicant's legal name
• List Registered Agents, Primary Company Contact, Primary Consumer Complaint Contact, Non-Primary Contact Employees for Licensing and Legal
• Bank Account information
• Answer Disclosure questions, with a detailed explanation for every "yes" answer
• Control Person (MU2) Attestation
• Credit Report for those in a position of control
• MU2 Individual FBI Criminal Background Check
• Submit: Business plan, Certificate of Authority/Good Standing Certificate, Document Samples, Formation Documents, Management Chart, and Organizational Chart/Description
• Surety Bond for $10,000 per licensed location, written by a surety company that is licensed to do business in Wyoming. SuretyGroup.com fulfills that requirement.

How Much Does This Bond Cost?

The premium amount you pay for a Wyoming Collection Agency Surety Bond is dependent on credit. Our rates start at 1% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.

Did You Know?

The application fee for a Wyoming Collection Agency is $500.

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