How much does a collection agency bond cost in New York?
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. New York City collection agency bonds are almost always issued instantly for just $100.
|Bond Type||Bond Amount||Cost|
|$5,000 Collection Agency Bond||$5,000||Starts at $100|
Bonding takes only 5 minutes when you work with SuretyBonds.com! To get in touch with a collection agency bond expert complete a bond request or call 1 (800) 308-4358.
Why do I need this bond?
Bonded collection agencies guarantee 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 specific bond offers indemnity to any person who suffers a loss or damage due to unethical acts of the bonded agency.
Stand out from your competitors by getting bonded. Fill-out a bond request and a surety specialist will contact you for bonding.
What’s the fine print?
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 sending a bond request.
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.
Or, choose your state from the list below:
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Washington D.C.
- West Virginia