How much does the Arizona collection agency bond cost?
Arizona collection agency bond costs start at $100 annually. Every applicant who needs the $10,000 bond amount pays just $100 for their annual premium. If your required bond amount is more than $10,000, your bond premium will be provided after a quick application review.
How do I get a collection agency bond in Arizona?
You can purchase your Arizona collection agency bond online 24/7. Simply select the bond amount needed based on your gross annual income and provide your collection agency license name for Department of Insurance and Financial Institutions filing approval. Once your payment has been processed, your official collection agency bond will be delivered to your email instantly.
How fast can I get a debt collector license bond?
SuretyBonds.com offers instant Arizona debt collector license bond delivery 24/7. Buy your collection agency surety bond now to receive your official documents in minutes by email.
*Note: If your bond amount is higher than $10,000, your purchase order will be reviewed by a team member before your documents are emailed.
What is a collection agency bond in Arizona and how does it work?
Arizona Revised Statutes 32-1021 requires individuals file a surety bond along with their collection agency license application. Your required bond amount is determined by your gross annual income from all business transacted in the state during the previous year. State form #FE-LC-DIFI_Surety_Bond-20200918 is officially titled “Surety Bond Form” but is more commonly known as the “collection agency license bond” or “debt collector bond.” This form is used to fulfill multiple Arizona Department of Financial Institutions licensing requirements but specifically requires that collection agencies comply with Arizona Revised Statutes Title 32 Chapter 9.
Why do you need the Arizona collection agency bond?
By filing your Arizona collection agency bond, you agree to comply with Arizona Revised Statutes Title 32 Chapter 9 when operating your collection agency. If you fail to do so, your issuing surety company will pay valid claims to harmed individuals up to your full bond amount, which you must reimburse. You must file your bond paperwork with your collection agency license application.
The Arizona Department of Insurance and Financial Institutions requires this bond for collection agency licensing. The DIFI also enforces a separate Arizona debt management bond requirement. The Secretary of State also enforces a separate Arizona telephone solicitation bond requirement for licensing. If you work as a debt collection agency in states other than Arizona, we also offer collection agency bonds nationwide.
Who regulates licensing for collection agencies?
The Arizona Department of Insurance and Financial Institutions Licensing Division enforces regulations for debt collection agencies in the state, including the collection agency surety bond requirement. To contact the DIFI Licensing Division, you can call 1(602)771-2800 or email [email protected].
How do I update or change my debt collector license bond form?
If the Arizona Department of Insurance requires your bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are the required bond amount or your collection agency license name.
How do I renew my Arizona collection agency bond?
You must renew your Arizona collection agency bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, renewal instructions will be sent to keep your bond active for your next license term. Note that the Arizona DIFI specifically requires your collection agency license be renewed on or before January 1st or else it will be suspended on January 2nd.
How do collection agencies apply for a license in Arizona?
Complete the steps below to apply for your collection agency license with the Arizona Department of Insurance and Financial Institutions Licensing Division.
- Complete the application through the Nationwide Multistate Licensing System.
- Provide a current quarterly financial report.
- Complete a criminal background check.
- Pay all required fees.
- Upload all of the required NMLS documentation.
- Submit your Arizona surety bond in the correct required amount.
What can businesses do to avoid claims against the Arizona collection agency bond?
To avoid claims filed against your Arizona surety bond, you must comply with Arizona Revised Statutes Title 32 Chapter 9 when operating your collection agency. If you fail to do so, your issuing surety company will pay valid claims to harmed individuals up to your full bond amount, which you must reimburse.
