A North Carolina collection agency bond will expire on June 30, 2012.
What is a collection agency bond?
Collection agency bonding serves as a promise between a collection agency and the state that it will practice business appropriately and ethically. As a result, these bonds protect customers from falling victim to the wrongdoings of a collection agency. Specifically, this type of bond guarantees that funds collected from customers by the collection agency are delivered to the company to which the debt is owed (less any previously agreed-upon collection fees).
How do you get a collection agent surety bond?
In most states, getting a surety bond is the first step to getting or renewing a business license. To purchase or renew a collection agency bond — which must occur before the end of this month if you’re a collection agency in North Carolina — call SuretyBonds.com at 1 (800) 308-4358, or fill out a contact form online.
You’ll be contacted by one of our expert surety specialists who will help you through the bonding process. The cost of your bond depends on what type of bond you need. The amount of surety bond protection required of North Carolina collection agencies now ranges from $10,000 to $170,000 depending on the type of enterprise. Your premium will be calculated based on your individual application.
Once you’ve been approved for the bond and your premium payment has been received, your specialist will execute your bond and mail it to you. If you’re in a time crunch, SuretyBonds.com can even have the bond in your hands tomorrow.
Collection agencies will mail the original copy of their North Carolina surety bond to:
North Carolina Department of Insurance
Agent Services Division
1204 Mail Service Center
Raleigh NC 27699