Indiana Collection Agency Bond
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How much does an Indiana collection agency license bond cost?
Indiana collection agency surety bonds are set in the amount of $5,000 and are required by the Indiana Secretary of State. SuretyBonds.com can issue these bonds online for $100, and a multi-year discount is available. No credit check is required, so everyone qualifies for the same low rate. Buy your Indiana collection agency surety bond in less than five minutes!
Why do Indiana collection agencies need to be bonded?
Indiana collection agency bonds ensure that collection agencies will follow all rules and regulations found in the Indiana Code 25, Article 11. Some of these provisions include:
- only acting as a collection agency upon receiving a license
- paying any client within 60 days of a collection
- making certain that all money collected is deposited into a depository on a weekly basis
If a collection agency fails to adhere to these laws, the surety will cover any damages up to the full bond amount. The principal could be liable for claims against the bond and is ultimately responsible for reimbursing the surety.
The county the collection agency resides in must be listed on the bond form, as well as the NMLS number. Collection agency bonds in Indiana are continuous until canceled. The state requires surety companies to provide them with at least 60 days’ notice before canceling a bond.
Ready to get bonded? Simply give us a call at 1 (800) 308-4358 or submit a bond request. One of our bond experts will set you up with an Indiana collection agency surety bond for just $100 right away.
How to become a licensed collection agency in Indiana
An important step in obtaining the appropriate collection agency license is securing a collection agency surety bond. The Secretary of State outlines a few additional requirements that license applicant must meet, including:
- Filing the Collection Agency application electronically through Nationwide Multistate Licensing System & Registry (NMLS)
- Posting a $5,000 original surety bond for each location
- Paying the $100 filing fee for the main office
- Paying the $30 filing fee for each branch office
When applying for a license, it is important to know whether you are applying for a branch location of a major collection agency or as an individual collection agency.
How to renew an Indiana Collection Agency Bond
When you work with SuretyBonds.com, you’ll receive periodic reminders to renew your bond starting 90 days prior to your renewal date. Our secure online renewal process allows you to review and update your information and pay for your Indiana collection agency bond renewal instantly.
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