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Arizona Collection Agency Bond

How much will my Arizona collection agency bond cost?

The Arizona Department of Financial Institutions requires that all collection agencies post a surety bond. Arizona collection agency bond amounts are based on the agency’s gross annual income from the previous calendar year. The cost of this specific bond is heavily dependent on the applicant’s financial credentials.

If you are a new collection agency, and thus have no gross annual income from the previous year, your bond amount will be $10,000. A $10,000 collection agency bond is issued instantly and costs $100.

Bond Type Bond Amount Cost*
$10,000 Collection Agency Bond $250,000 or less in gross annual income $10,000 $100 Apply Now
$15,000 Collection Agency Bond $250,001-$500,000 in gross annual income $15,000 Starts at $150 Apply Now
$25,000 Collection Agency Bond $500,001-$750,000 in gross annual income $25,000 Starts at $250 Apply Now
$35,000 Collection Agency Bond $750,001 or more in gross annual income $35,000 Starts at $350 Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

Why do I need this bond?

By posting an Arizona collection agency bond, principals (collection agencies) agree to abide by all rules, laws and regulations stated in the Arizona Revised Statutes, Title 32. Unlawful acts according to this title include, but are not limited to:

  • failing to maintain a license
  • aiding, abetting or receiving compensation from an unlicensed collection agent
  • publicly advertising someone’s debts as a method of collection enforcement
  • failing to pay any client after a collection has been made
  • not making deposits into a local depository
  • failing to keep accurate records of all monies collected
  • failing to notify the Arizona Department of Financial Institutions within 10 days of any name change

If any of these rules or any other provisions found in the Arizona Revised Statutes are broken and a valid claim is made against the applicant, the surety will cover any damages up to the full bond amount. The principal must reimburse the surety for any and all monies paid out to consumers.

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What’s the fine print?

Arizona collection agency surety bonds are continuous until canceled, and the obligee requires 30 days notice prior to cancellation from the surety.

The same bond form is used for several different business types, so be sure to indicate the appropriate license type when filling out the bond form. If an applicant needs to obtain a bond for more than one license type, he or she must do so by submitting separate bond forms.

How to become a collection agency in Arizona

To be legally licensed in Arizona as a collection agency, applicants must first:

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.

NH VT RI NJ DE MD DC MA CT HI AK FL ME NY PA VA WV OH IN IL WI NC TN AR MO GA SC KY AL LA MS IA MN OK TX NM KS NE SD ND WY MT CO UT AZ NV OR ID CA MI

Or, choose your state from the list below:

Additional Resources

Arizona Department of Financial Institutions Collection Agencies Licensing Requirements

Arizona Department of Financial Institutions Surety Bond form

Arizona Department of Financial Institutions DFI Licensing Application Instructions

Arizona Department of Financial Institutions DFI License Application