How much does a collection agency bond cost in Alaska?
The Alaska Department of Commerce, Community and Economic Development requires collection agencies to post $5,000 surety bonds. Alaska collection agency bonds are issued instantly and cost just $100.
|Bond Type||Bond Amount||Cost|
|$5,000 Collection Agency Bond||$5,000||$100|
Ready to get bonded? Submit a bond request or give our team a call at 1 (800) 308-4358 to get bonded instantly!
Why do I need this bond?
Collection agency bonds in Alaska exist to ensure that principals (collection agencies) report and pay the net proceeds and collections collected during that month to the clients they’re owed to within 30 days of the close of that month. Specifically, the bond ensures that principals comply with the provisions of AS 08.24 while on the job.
If the principal fails to comply with these terms, the bond protects harmed parties from financial loss up to the full penal sum of the bond.
What’s the fine print?
Alaska collection agency surety bonds are continuous until canceled. The surety can cancel the bond at any time by providing written notice of cancellation to both the principal and the Department of Commerce, Community and Economic Development at least 60 days prior to the effective date of cancellation.
How to become a collection agency in Alaska
To become licensed as a collection agency in Alaska, applicants must submit a completed, signed and notarized application, payment of all applicable fees, and a $5,000 surety bond.
Collection Agency Bonds Nationwide
Many collection agencies operate in multiple states, meaning they may be required to have multiple surety bonds. Get more information about other states’ collection agency bond requirements by selecting a state on the map below.
Or, choose your state from the list below:
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Washington D.C.
- West Virginia