How much does a collection agency licensee bond cost in Maryland?
The Maryland collection agency licensee bond amount is set at $5,000. SuretyBonds.com is able to instantly issue these bonds for just $100! In just 5 minutes over the phone, you can get the surety bond you need - no credit check required.
Call 1 (800) 308-4358 or submit a bond request to get bonded now!
|Bond Type||Bond Amount||Cost*|
|$5,000 Collection Agency Licensee Bond||$5,000||$100||Buy Now|
Five minutes and $100 is all it takes to get bonded when you choose SuretyBonds.com! Give us a call at 1 (800) 308-4358 or fill out our online bond request form to get your Maryland collection agency licensee bond instantly!
Why do I need this bond?
Collection agency bonds in Maryland discourage unethical business practices within the industry.
In collecting or attempting to collect an alleged debt, a debt collector may not:
- use force or threaten violence
- threaten criminal prosecution
- disclose or threaten to disclose information about a debtor’s reputation or credit worth
- contact a person’s employer without any legal authority to do so
- abuse or harass the debtor
- use obscene or inappropriate language around the debtor
- claim, attempt or threaten to enforce a right which does not exist
Our team of surety experts is here to help you with any bonding questions you might have. Give us a call at 1 (800) 308-4358 or submit a surety bond request to connect with an expert surety specialist.
What’s the fine print?
This obligation is listed on a surety bond form along with 5 other professions, so be sure you let us know you need this bond to work as a collection agent. This type of bond is continuous until canceled. The state requires surety companies to provide at least 60 days’ notice before canceling a bond.
Applicants are expected to be familiar with Maryland collection agency law. The applicable laws can be found in the Maryland Code, section 7-101.
How to become a collection agency in Maryland
The board reserves the right to revoke or suspend a license after the discovery of a violation of applicable laws or regulations. The suspension or revocation of a license does not exempt the principal from any claims filed prior to suspension.
The following information and materials are required for each applicant:
- principal officer information (list of names, addresses and phone numbers)
- true and correct statement of the business or employment history of each principal officer
- list of stockholders owning 10% or more of the company
- certificate of good standing from the Maryland Department of Assessment
- $5,000 surety bond
- trade name (if applicable)
Be sure to mark on the application if your company is a partnership or an LLC.
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