Nevada Collection Agency Bond Overview
- Purpose: To protect the public if a collection agency is negligent or fraudulent
- Who Needs It: All collection agencies operating in Nevada
- Regulating Body: The Nevada Financial Institutions Division
- Bond Amount: $35,000–$60,000, based on average monthly trust account balance
- Minimum Price: $210 or 0.5%
What Is a Nevada Collection Agency Bond?
A Nevada collection agency bond protects the state and your clients from financially damaging debt collection practices.
The Nevada Financial Institutions Division (FID) requires anyone collecting debt in Nevada to file a surety bond, regardless of residency.
Bond Coverage Requirements for Nevada Collection Agencies
The Nevada FID calculates your bond amount based on the average monthly balance in your trust account.
| Average Monthly Account Balance | Bond Coverage |
|---|---|
| <$100,000 | $35,000 |
| $100,000–$149,999 | $40,000 |
| $150,000–$199,999 | $50,000 |
| $200,000+ | $60,000 |
How Much Do Collection Agency Bonds Cost in Nevada?
Nevada collection agency bonds start at just $210 for $35,000 coverage. Highly qualified applicants pay just 0.5–0.6% of the bond amount. We’ll run a quick credit check to determine your exact price.
Select your bond amount below to get started.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Nevada Collection Agency Bond Work?
A Nevada collection agency bond is a legal contract between these three parties.
| Bond Party | Description |
|---|---|
| Principal | The collection agency owner filing the bond |
| Obligee | The Nevada Financial Institutions Division requiring the bond |
| Surety | The issuing surety provider |
This bond is your financial guarantee to the FID that you’ll uphold state regulations and operate ethically.
If you commit any violations that cause financial harm, those affected can file claims against your bond to recover any losses. You must reimburse the surety for any paid claims.
What Is the Debt Collection Law in Nevada?
All collection agencies in Nevada must comply with Nevada Revised Statutes Chapter 649. The following acts are strictly prohibited:
- Using deception to collect a debt
- Transferring a debt after it’s dropped or ended without the consumer’s consent
- Operating or soliciting from an unlicensed address
- Harassing a debtor’s employer
- Advertising a debt for sale to pressure payment
- Publishing debtor lists, except internally for stockholders
In Nevada, the statute of limitations for debt collection lawsuits is typically 4–6 years, based on the nature of the contract.
How Do I Get a Collection Agency Bond in Nevada?
With SuretyBonds.com, you can apply for a free quote online 24/7. Simply enter your information into the form on this page, and we’ll send you your personalized rate within one business day.
After you pay the invoice, we’ll upload the official electronic surety bond form to NMLS on your behalf.
How Do I File My Bond?
Once we upload your bond form to NMLS, you’ll need to grant authority to the surety company. When you log in to NMLS, enter the surety’s name or identifier (NAIC/NPN) as found on your bond follow-up email. The obligee can’t accept your bond until you authorize the surety.
Can I Get Bonded With Bad Credit?
Yes, you may still be able to get bonded with bad credit. However, poor credit will likely increase your premium rate. Visit our Surety Bond Cost FAQ page to see how credit can impact your cost.
How Do I Renew My Debt Collection Bond?
Nevada collection agency bonds expire annually. We’ll send you renewal reminders starting 90 days before the expiration date.
If your average monthly account balance changes, you’ll need to contact your surety company to update your bond amount. Otherwise, simply pay the attached invoice to extend your bond for another year.
How Do I Update My Bond Information?
You can typically make small changes to your bond form, such as name or address, by contacting your surety company. If you purchased your bond from us, email [email protected] with the needed change.
How to Get a Collection Agency License in Nevada
If you collect debt from clients in Nevada, you’ll need a state collection agency license. Follow these steps to apply:
- Register your business with the state.
- Get a municipal business license for your city or county.
- Purchase a surety bond in the required amount.
- Submit the compliance manager application and the company application through NMLS.
You’ll need to upload the following documents to your NMLS application:
- A financial statement within 90 days of your fiscal year’s end
- List of registered agents
- Bank account information
- Credit report for all control persons
- Criminal background check for direct owners and executive officers
- Surety bond form
- Copy of lease
- Municipal business license
- Anticipated activity statement
- List of Nevada clients
- List of branch office locations
- Business plan
- Certificate of Authority & formation documents
- Document samples
How to Renew Your License
In Nevada, collection agency licenses expire annually on December 31. Renewal applications will open in NMLS on November 1. Be sure to renew both the company and manager licenses by the end of the year.
You’ll also need to submit the following documents annually to maintain your license:
- Annual Report: April 15
- CPA Assessment: 2nd quarter
- Attorney General Assessment Fee: September 30
How Much Does It Cost to Get a Collection Agency License in Nevada?
You can expect to pay at least $1,056.25 to get a collection agency license in Nevada. This includes the following fees:
| Fee | Amount |
|---|---|
| License/Registration Fee | $300 |
| Application Fee | $375 |
| NMLS Processing Fee | $120 |
| Surety Bond | $210+ |
| Credit Report for Control Persons | $15/person |
| FBI Criminal Background Check | $36.25/person |
