How much does a collection agency surety bond cost in Nevada?
SuretyBonds.com offers Nevada collection agency bonds for different amounts depending on the monthly balance that the agency collects. The cost of this particular bond is determined by a review of the applicant’s credit report and is subject to underwriting. Applicants with excellent credit could pay as little as 1% of the required bond amount!
Ready to get bonded? Give us a call at 1 (800) 308-4358, or fill out an online bond request now.
Why do I need this bond?
Nevada collection agency surety bonds ensure that collection agencies adhere to all terms listed in Chapter 649 of the Nevada Revised Statutes. Under these statutes, collection agencies are prohibited from performing the following acts:
- using deceptive means or representations to collect any debt
- assigning or transferring any claim or account after termination or abandonment, unless prior consent is given by consumer for the assignment
- operating business or soliciting claims from any location or address other than the one listed on its license
- harassing a debtor’s employer to collect a claim
- advertising a claim for sale as a means to enforce payment
- publishing any list of debtors except for the benefit of stockholders in relation to its internal affairs
What’s the fine print?
If the bond is to be canceled or the liability reduced, the surety must provide notice to the state. These changes become effective 30 days after the receipt of the notice unless a later date is stated.
How to become a collection agency in Nevada
To become a licensed debt collection professional, an applicant must:
- submit a completed Application for Licensing Collection Agency form
- pay the initial application fee and initial licensing fee
- post a surety bond in the proper amount
- furnish financial statements showing the assets, liabilities and net worth of the agency
- provide a detailed statement showing anticipated number of employees, anticipated dollar volume of accounts to be assigned and cash flow at the end of the first year of business
- submit a list of Nevada clients
Take the first step toward getting licensed by getting bonded today!
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.
