Idaho Collection Agency Bond Guide
If you are opening a collection agency or credit services agency in Idaho, you'll need to purchase a surety bond. Read on to learn all about the bonding process under the Idaho Collection Agency Act.
Bond Overview
- Purpose: To protect the public if a collection agency is negligent or fraudulent
- Who Needs It: All collection and credit services agencies operating in Idaho
- Regulating Body: The Idaho Department of Finance
- Required Coverage: $15,000
- Premium Rate: $100 for qualified applicants
How much does an Idaho collection agency or credit services surety bond cost?
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.
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.
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 one business day of receiving your application.
What is the purpose of an Idaho debt settlement bond?
Surety bonds protect the obligee (the Idaho Department of Finance) and consumers from any negligent actions caused by the principal (the 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
Considerations for Idaho collection agency bonds
Idaho collection agency and credit service organization bonds are continuous until canceled. If the surety has reason to cancel this bond, it must provide 30 days' prior written notice to the Director of the Idaho Department of Finance and to the collection agency.
How to obtain 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, debt relief services agency, or loan modification company, follow the application process below to obtain an Idaho license.
- Complete the Application for Licensure (CA1) form.
Indicate the 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 for specific employees.
Indicate and elaborate on all types of collection business to be performed.
Note: The application must be completely filled out to be processed. - Include an 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) for the annual/quarterly report.
The fees must be paid via 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.
By Mail:
Consumer Finance Bureau
P.O. Box 83720
Boise, ID 83720-0031
In Person:
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. You can also 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.
