How much does a $5,000 collection agency bond cost in West Virginia?
The Internal Auditing Division of the West Virginia State Tax Division requires collection agencies to post $5,000 surety bonds to legally work within the state. The cost of West Virginia collection agency bonds is $175 for 99% of all applicants and covers the full 2-year term.
|Bond Type||Bond Amount||Cost*|
|$5,000 Collection Agency Bond 2-year term||$5,000||Starts at $175||GET A QUOTE|
Call 1 (800) 308-4358, or submit an online bond request to connect with our team of surety bond experts! We’ll get you set up with the bond you need right away,
Why do I need this bond?
West Virginia collection agency bonds are put in place to ensure that principals (collection agencies) comply with the provisions of Chapter 47, article 16 of the Code of West Virginia and all pertaining amendments. Specifically, the bond guarantees that the principal will account for and pay all damages suffered by the state or a private person resulting from the principal’s failure to comply with the laws of the state and industry.
Pay just $175 for your bond when you choose SuretyBonds.com! Get started now.
What’s the fine print?
West Virginia collection agency bonds must be renewed every 2 years and run concurrently with the registration tax period. The bond can be canceled prior to the expiration date if the surety provides written notice of cancellation to the state. Cancellation goes into effect 60 days after the postmarked date of the notice.
How to become a collection agency in West Virginia
No person, firm, corporation or association can operate as a collection agent or agency in West Virginia without first obtaining a Business Registration Certificate. A license is required for each collection agency, including each principal office and all branch offices.
Complete licensing information can be accessed via the Additional Resources section of this page.
Don’t delay the licensing process because you don’t have the surety bond you need! Our experts are here to do all of the hard work for you. Get bonded 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