Under Colorado Revised Statutes § 4-9-629, any person who is retained by a secured party to recover or take possession of collateral upon default must have a minimum $50,000 surety bond to protect against property damage.
Colorado requires this bond in case a repossessor fails to satisfy any such judgment arising from damages or losses suffered by a debtor as a result of principal acting in the course of recovering or taking possession of collateral.
Applicants with good credit scores (at or near 700) will pay just $750 for a year of coverage when working with SuretyBonds.com. Don’t worry if you have bad credit, though. SuretyBonds.com has an exclusive Bad Credit Bonding Program that allows us to bond 99% of applicants no matter their credit history.
Repossessors will file their original Colorado surety bond forms with:
Colorado Attorney General
Consumer Protection Unit
1300 Broadway, 7th Floor
Denver, CO 80203
For questions about registering as a repossessor in Colorado, individuals should call the program assistant at 1 (720) 508-6209.
For more information on a getting a Colorado repossessor surety bond, you can speak with a surety expert by calling 1 (800) 308-4358 between 8 a.m. and 7 p.m. CST Monday through Friday or by filling out an online contact form 24/7.