How much does a debt collection agency bond cost in Washington?
The Washington Department of Licensing, Collection Agency Section requires collection agencies, both out-of-state and in-state, to post $5,000 surety bonds.
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Why do I need this bond?
By posting a Washington collection agency surety bond, principals (in-state or out-of-state collection agencies) pledge to comply with provisions of Chapter 19.16 of the Revised Code of Washington, as well as all rules and regulations adopted by the Director of the Department of Licensing. Specifically, the bond guarantees that the principal will pay all fees and amounts that become due if he or she violates the terms of the bond agreement.
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What’s the fine print?
Collection agency bonds in Washington remain continuous until canceled. The surety can cancel the bond by providing written notice of cancellation to the Department of Licensing at least 30 days prior to the effective date of cancellation.
How to become a collection agency in Washington
If you solicit, collect, or attempt to collect claims for collection, you need:
- a collection agency license if your main office is:
- in Washington or
- outside of Washington and you have, or plan to have, clients located in Washington
- an out-of-state collection agency license if:
- your main office and all branch offices are located outside of Washington
- you don't have any clients located in Washington and
- you're contacting debtors in Washington who owe money to your out-of-state clients
To become a licensed collection agency in Washington, applicants must submit the following materials:
- completed business license application, business license application supplement for collection agency, branch office or out-of-state office and business financial statement/balance sheet
- $5,000 surety bond
- appropriate fees
- list of individuals with more than 20% interest in the business
- and more
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