How much does a collection agency surety bond cost in Indiana?
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. No credit check is required, so everyone qualifies for the same low rate. Buy your Indiana collection agency surety bond in less than 5 minutes!
|Bond Type||Bond Amount||Cost|
|$5,000 Collection Agency Bond||$5,000||$100|
Why do I need this bond?
These bonds ensure that collection agencies will follow all rules and regulations found in the Indiana Code. 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 is ultimately responsible for reimbursing the surety.
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.
What’s the fine print?
The county the collection agency resides in must be listed on the bond form. 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.
How to become a collection agency in Indiana
Getting your Indiana collection agency surety bond is just the first step to obtaining the appropriate collection agency license. There are a few documents you will need to obtain, complete and submit to get your license. Some of the required information includes:
- Collection Agency application filed through the NMLS
- $5,000 original surety bond for each location
- $100 filing fee for the main office
- $30 filing fee for each branch office
When applying for a license, it is important to know if you are applying for a branch location of a major collection agency or as an individual collection agency.
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