How much does a New York City collection agency bond cost?
The New York collection agency bond costs $175 for the city's required 2-year term. Your $175 premium will cover your full 2-year debt collector bond term as required by the city.
How do I get a collection agency bond in New York City?
You can purchase your NYC collection agency bond online 24/7. You'll need to provide your debt collection agency license name for NYC Department of Consumer Affairs filing approval. Once your payment has been processed, your official consumer debt bond will be sent to your email instantly.
How fast can I get a collection agency bond?
SuretyBonds.com offers instant New York collection agency bond delivery 24/7. Purchase now to receive your official NYC licensure bond in minutes by email.
What is a New York City debt collection agency bond?
Rules of the City of New York Section 20-494.1 requires individuals file a $5,000 surety bond before being issued a license to provide child support payment debt collection services. The city does not manage an official surety bond form, but bonds filed to fulfill this requirement are commonly referred to as a “collection agency bond,” “debt collection agency bond,” or “debt collector bond.” The New York City debt collection agency bond protects consumers from debt collectors and collection agencies that fail to fulfill their professional obligations when working with creditors and debt buyers to manage consumer debt.
Why is a New York City collection agency license bond required?
By filing this bond, you agree to comply with all federal, New York state, and New York City laws when working as a debt collector. If you fail to uphold your surety bond agreement, your issuing surety company will pay valid claims to harmed individuals up to your full $5,000 required bond amount, which you must reimburse.
The city of Buffalo also enforces its own Buffalo collection agency bond requirement. If you work as a debt collection agency outside of New York state, we also offer collection agency bonds nationwide.
Who regulates debt collection agencies in New York City?
The NYC Department of Consumer Affairs (DCA) enforces licensing requirements for collection agencies working in the city. For general questions, the NYC DCA advises you email [email protected].
How do I update or change my collection agency bond form?
If the NYC Department of Consumer Affairs requires your bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common change requested is updating your debt collector name to match your debt collection agency license.
How do I renew my New York collection agency bond?
You must renew your New York collection agency bond before its current term expires on January 31st of odd-numbered years as required for NYC licensure. Once you pay your SuretyBonds.com renewal invoice, renewal instructions will be sent for your surety bond agreement's next 2-year license term.
How do debt collection agencies apply for a license in New York City?
Complete the licensing process steps below to apply for your New York City collection agency license.
- Complete the basic license application and new and renewal license application supplement.
- Pay the license fee.
- Complete a non-NYC resident form if your business is not located within New York City.
- Upload a copy of the debt collection/child support form, if applicable.
- Fill out the granting authority to act affirmation, if applicable.
- Purchase and file your $5,000 required bond amount.
You can upload your application and all other required documents online or deliver your basic license application packet in person to one of the accepted locations.
