How much does a collection agency bond cost in Buffalo, New York?
If you or your business acts as a collection agency within the City of Buffalo, you are mandated to post a surety bond in the amount of $5,000.
Bonds are subject to underwriting. This means that your premium is deciphered by the financial credentials of your credit report. To find out the cost of your bond, submit a bond request or call 1 (800) 308-4358 and a surety specialist will assist you with all of your bonding needs.
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Buffalo Collection Agency Bond||$5,000||Starts at $100||$200-400||$500+||Apply Now|
Low credit? No problem! SuretyBonds.com offers a bad credit bonding program just for you. Complete a bond request to get in touch with a surety specialist today.
Why do I need this bond?
By posting a bond, the principal (collection agency) obligates to truly comply with the provisions of Chapter 140 of the Buffalo City Code. Specifically, this bond offers indemnity to any person who suffers a damage by any unlawful act of the principal.
Have a question? Contact us to speak with a bonding expert. Fill out our easy bond request form or call 1 (800) 308-4358 to get started.
What’s the fine print?
All bonds will remain in full effect unless voided. Furthermore, all bonds must be notarized.
How to become a collection agency in Buffalo, New York
Collection agency license applications must be sent to the Office of Permit and Inspection Services. Applications must be completed in full and include the following attachments:
- copy of the financial statement
- $5,000 surety bond
- police record check
- corporate filling receipt
- licensing fees
Click here to apply for your free quote today.
Ready to get started?