How much does a collection agency or credit service organization surety bond cost in Idaho?
A $15,000 collection agency or credit service organization surety bond is subject to underwriting, so your credit or financial history determines the cost of the bond. Highly qualified applicants may be approved for as little as $100 per year.
To learn more about the underwriting process and how SuretyBonds.com works to get you the best possible premium, see our Definitive Guide to Surety Underwriting.
|Bond Type||Bond Amount||Cost*|
|$15,000 Collection Agency or Credit Services Bond||$15,000||Starts at 100||Apply Now|
Submit an online bond request or call 1 (800) 308-4358 to connect with a surety expert! We can provide you with a personalized collection agency bond quote within 1 business day of receiving your application.
What is an Idaho collection agency or credit service organization bond?
Surety bonds protect the obligee (Department of Finance) and consumers from any negligent actions caused by the principal (collection agency or credit service organization). The bond is required to ensure financial reimbursement is available if the principal or any of its representatives fails to perform its contractual obligations. Examples include the following:
- failure to account for the proceeds of any collection made or money received for payment or prorating to creditors
- payment over the proceeds of any collection made or money received for payment or prorating to creditors
- failure to return any sum received to a debtor that was not applied to their debts
Idaho collection agency and credit service oganization bonds for permittee are continuous until canceled. If the surety has reason to cancel this bond, it must provide 30 days of prior written notice to the Director of the Idaho Department of Finance and to the collection agency.
How to get an Idaho credit service organization or collection agency license
If you are interested in becoming a licensed collection agency, debt/credit counselor, debt buyer, credit repair organization or loan modification company, follow the application process below to obtain an Idaho license.
- Complete the Application for Licensure form CA1
- Indicate type of business: collection agency, debt buyer, debt settlement, debt/credit counselor, or credit repair
- Include basic information about the business and the applicant
- Include contact information of specific employees
- Indicate and elaborate on all types of collection business to be performed
- Application must be completely filled in order to be processed
- Include original copy of your $15,000 surety bond or $15,000 certificate of deposit
- Include the application fee of $150 and the $20 per Agent/RPIC fee(s)
- The fees must be on ONE check made payable to the Idaho Department of Finance
Application packages must be delivered to the Consumer Finance Bureau by mail or in-person.
Consumer Finance Bureau
P.O. Box 83720
Boise ID 83720-0031
Consumer Finance Bureau
800 Park Blvd, Suite 200
Boise, ID 83712
All approved licenses will be displayed on the Department of Finance website.
If you’re ready to take the first step toward becoming licensed by getting bonded, submit an online application today. Or, you can give us a call at 1 (800) 308-4358, and one of our experts will contact you right away to walk you through our easy bonding process.
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