How much does a collection agency licensee bond cost in Maryland?
Maryland collection agency licensee bonds are issued for two-years at just $175! In just 5 minutes over the phone, you can get the surety bond you need—no underwriting 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 2-year term||$5,000||$175||Buy Now|
Five minutes and $175 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 buy your Maryland collection agency licensee bond today!
Why do I need this bond?
The Maryland Commissioner of Financial Regulation requires collection agency licensees to obtain a $5,000 surety bond prior to conducting business within the state. The bond is required to discourage unethical business practices within the industry.
In collecting or attempting to collect an alleged debt, a debt collector may not commit any of the following violations:
- 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 a surety specialist.
What’s the fine print?
This obligation is listed on a surety bond form along with five other professions, so be sure you let us know you need this bond to work as a collection agent. This bond is issued for two years and expires on December 31, at which point it must be renewed. 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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