How much does a collection agency bond cost in Arkansas?
The required amount of an Arkansas collection agency bond is based on the number of debt collectors the agency employs. Agencies with 5 collectors or fewer are required to post a $10,000 bond. Agencies with 6-12 collectors must post a $20,000 bond. Agencies with 13 or more collectors must post a $25,000 bond.
SuretyBonds.com can issue Arkansas agency bonds in the amount of $10,000 for just $100 without the need of a credit check. This means that agencies with 5 or fewer employees can get bonded instantly! If your required bond amount is greater than $10,000, the price you’ll pay will be subject to underwriting. The experts at SuretyBonds.com work hard to make sure that all applicants get the bonds they need for the lowest possible rates.
What are you waiting for? Get bonded today!
Ready to get bonded? Let our experts do all of the hard work for you! Call 1 (800) 308-4358, or fill out an online bond request to connect with a debt collection bond specialist.
Why do I need this bond?
Collection agency bonds in Arkansas hold the principal (collection agency) accountable for conducting business ethically and in accordance with the rules and regulations of the Arkansas State Board of Collection Agencies. Violations include:
- communicating improperly with a debtor
- failing to maintain a valid license
- falsifying statements
- harassing debtors
What’s the fine print?
Arkansas collection agency bonds are continuous until the surety decides to cancel the bond. To cancel the bond, the surety must send a written cancellation to the Arkansas State Board of Collection Agencies 30 days prior to the termination date.
How to become a collection agency in Arkansas
All applicants applying for a collection agency license must submit their applications to the State Board of Collection Agencies. A completed application includes:
- the addresses and names of all officers of the agency
- a proposed manager information form
- a surety bond in the proper amount
- required fees ($125 license fee, $15 for each manager, $20 for each collector)
- proof of collection business experience
- character and business references
Ready to get bonded? Our experts are on call and ready to answer all of your questions about collection agency bonds in Arkansas. Get started now!
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