How much does a debt collection company bond cost in Texas?
SuretyBonds.com issues these bonds instantly for just $100. Simply click Buy Now to visit our secure bond checkout page where you can purchase your bond directly from our site. In just a few minutes you can be on your way to getting bonded as a third party debt collector in Texas.
| Bond Type | Bond Amount | Cost | |
|---|---|---|---|
| $10,000 Third Party Debt Collector Bond | $10,000 | $100 |
Why do I need this bond?
The Texas Secretary of State’s Registrations Unit requires collection agencies to post $10,000 surety bonds. By posting this bond, third party debt collectors pledge to conduct business in accordance with the provisions of 392.001 of the Texas Finance Code.
Specifically, this bond protects any person who is injured by a violation of the code from financial loss up to the full amount of the bond.
What’s the fine print?
Third party debt collector bonds in Texas remain effective continuously unless canceled. The principal or the surety may cancel this bond by providing written notice to the Secretary of State at least 60 days prior to the effective date of the cancellation. If the cancellation is at the request of the surety, the surety must also provide the principal with written notification at least 60 days prior to the effective date of cancellation.
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Additional Resources
Form 2901 - General Information (Third Part Debt Collector Surety Bond)
Texas Secretary of State Frequently Asked Questions for Third-Party Debt Collectors & Credit Bureaus
Finance Code Title 5. Protection of Consumers of Financial Services Chapter 392. Debt Collection
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