How much does a debt collection agency bond cost in North Dakota?
The North Dakota Department of Financial Institutions requires collection agencies to post $50,000 surety bonds. The cost of North Dakota collection agency bonds are subject to review by an underwriter and can be issued for as little as $500.
|Bond Type||Bond Amount||Cost*|
|$50,000 Collection Agency Bond||$50,000||Starts at $500||Apply Now|
Why do I need this bond?
North Dakota collection agency surety bonds ensure that principals (collection agencies) fully comply with all provisions of Chapter 13-05 of the North Dakota Century Code. If the collection agency fails to comply with these terms and the state or an individual financially suffers as a result, the surety will cover claims up to the full bond amount. The principal is then responsible for reimbursing the surety.
What’s the fine print?
North Dakota debt collection agency bonds are continuing obligations of the surety. The surety can cancel the bond at any time by giving written notice to the North Dakota Department of Financial Institutions in Bismarck, North Dakota, as well as the principal 30 days prior to the effective cancellation date.
How to start a collection agency in North Dakota
Collection agency applications must be under oath, in writing and prescribed by the Commissioner of Financial Institutions. Applications must include the addresses and names of the owners, officers, trustees, members, partners and directors of the agency. All required fees and a surety bond must accompany each application.
For more licensing information, visit the Additional Resources section of this page.
Don’t delay the licensing process. Purchase your required surety bond now!
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