How much does a collection agency bond cost in Idaho?
Idaho collection agency bonds are required by the Idaho Department of Finance and have a minimum of $15,000. These bonds are subject to underwriting, which means the amount an applicant pays is based on a review of his or her credit report. With strong financial credentials, applicants could qualify to pay as low as 1% of the bond amount!
Don’t let poor credit stop you from getting the bond you need. Our experts work hard to get all applicants bonded for the lowest rates possible. Click here to get started!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Collection Agency Bond||$15,000+||Starts at 1%||4-8%||10%+||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.
Why do I need this bond?
By posting an Idaho surety bond for permittee under the Idaho Collection Agency Act, a company pledges to do business in compliance with the Idaho Collection Agency Act, Idaho Code 26-2221.
Specifically, this bond ensures that the principal (collection agency) does not fail to account for and pay over the proceeds of any collection made or money received for payment or prorating to creditors or fail to return to a debtor any sum received that was not applied to his or her debts.
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What’s the fine print?
Idaho collection agency 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 become a collection agency in Idaho
Becoming bonded is just the first step toward becoming a licensed collection agency in Idaho. The following must take place for an applicant to become licensed:
- pay the application fee
- obtain a certificate of good standing
- pay the proper registration fee
- submit the appropriate forms for each branch of business
- and more
Complete licensing information can be accessed from the Additional Resources section of this page.
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.
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