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How much does a collection agency bond cost in Florida?
The Financial Services Commission of Florida requires collection agencies to post $50,000 surety bonds. These bonds are subject to underwriting, which means the amount you’ll pay is based directly on a review of personal credit report. With good credit, applicants could pay as low as $300 for their bond! Don’t let bad credit stop you from getting the surety bond you need. SuretyBonds.com has a history of helping applicants from all financial backgrounds get bonded quickly and easily.
Call 1 (800) 308-4358, submit a bond request, to connect with one of our surety experts who will walk you through each step of the bonding process.
Why do I need this bond?
By posting a Florida collection agency bond, principals (collection agencies) pledge to conduct business according to Chapter 559, Part V of the Florida Statutes and any rules and regulations that may be issued now or in the future by the State of Florida Office of Financial Regulation. The bond protects any credit granter who suffers financial loss as a result of the collection agencies’ unlawful or fraudulent commercial collection activities.
Submit a bond request today to begin the bonding process. We can typically provide you with a free bond quote within 1 business day of receiving your application.
What’s the fine print?
Collection agency bonds in Florida remain in full force and effect until otherwise canceled. The surety can cancel the bond by giving 30 days’ notice in writing to the principal and the state.
How to become a collection agency in Florida
The registration period for collection agencies in Florida runs annually from January 1 through December 31. Registrations not renewed by December 31 will expire. Applicants for both initial and renewal registrations must pay the $500 fee.
Complete registration information can be accessed from the Additional Resources section of this page. Begin the licensing process by purchasing the surety bond you need.
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.