Collection Agency Bond - New York City | SuretyBonds.com (Updated April 2019)

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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

*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

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.