New York Collection Agency Bond
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How much does a collection agency bond cost in New York?
The cost of a $5,000 New York City collection agency bond is $175 for a full 2-year term as the Department of Consumer Affairs requires these bonds to expire on January 31 of odd-numbered years. This means your bond term may be shorter or longer than a standard year, so your premium will be prorated based on the actual length of the bond term.
The best way to determine your exact surety bond cost is to click the “Buy Now” button below. Our secure online checkout will calculate your rate for you!
Bonding takes only 5 minutes when you work with SuretyBonds.com! To get bonded today complete your purchase online or call 1 (800) 308-4358.
Why do collection agencies in New York City need to be bonded?
The city of New York, Department of Consumer Affairs requires business entities acting as debt collection companies to post a surety bond in the amount of $5,000. Bonded collection agencies agree to comply with all local laws of New York City and laws of the State of New York, in addition to faithfully adhering to the conditions of the license.
Specifically, this bond offers indemnity to any person who suffers a loss or damage due to unethical acts of the bonded agency.
Purchase your NYC collection agency bond through our secure online purchase process today!
What else do I need to know about NYC collection agency bonds?
New York City collection agency bonds expire on January 31st of odd years. All bonds will remain in full force unless terminated by the surety. If the surety chooses to terminate a bond, a written notice of termination must be mailed to the Department of Consumer Affairs 60 days prior to the given termination date.
How to become a collection agency in New York
All debt collection companies must be licensed to legally conduct business in the city of New York. Prior to filing your application, be sure to obtain the appropriate business certificate that best fits your business’s legal structure.
Licenses must be completed in full and be accompanied by the following attachments:
- $5,000 surety bond
- Debt collection/child support form
- License fee
- Copy of disclosure form
- Copy of contract for child support payment
Don’t wait to start your business, post your bond now! Start by purchasing your bond online.
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.
