Wyoming

Collection Agency Bond

What Is a Wyoming Collection Agency Bond?

A Wyoming collection agency bond, or debt collector bond, is a license requirement for debt collection agencies under the Division of Banking. You’ll need $10,000 bond coverage for each collection agency location. 

This type of surety bond creates a financial guarantee to protect the state and the public if debt collectors are fraudulent or break laws. 

Who Needs a Collection Agency Bond?

If any of the following circumstances apply to your business, you must have a Wyoming collection agency license and bond: 

• Your main business purpose is to collect debts for Wyoming creditors
• You take assignment of debts to collect on them in Wyoming 
• You solicit Wyoming creditors
• You use an alternate company name to collect past-due accounts
• You collect debts incurred in Wyoming by Wyoming debtors from another state

Filing the surety bond is a mandatory part of the licensing process to prove financial responsibility. If you only collect your own business debt, you don’t need a license or bond. 

How Much Do Collection Agency Bonds Cost in Wyoming?

The $10,000 Wyoming debt collection agency bond costs a flat rate of $100 for a one year term. You can also save 25% and select a two-year term for $250. 

There is no application or credit check requirement. Simply checkout online now and get your bond via email in minutes.

How Do I Get a Wyoming Collection Agency Bond?

You can buy your Wyoming collection agency bond in minutes. Follow these simple steps:

1. Provide your information for the bond.
2. Enter your NMLS license number.
3. Complete the purchase.

Once you pay, you’ll get an instant email confirmation with instructions on how to complete the bonding process in NMLS.

How Do I File My Bond?

The surety will upload your bond directly to NMLS. After purchasing, you’ll need to go into your account and authorize the surety to file. Be sure not to overlook this step. 

We’ll provide a post-purchase email with more instructions, or you can read this NMLS Filing FAQ for more information. 

Can I Get Bonded With Bad Credit?

Yes, these bonds are issued at a flat rate with no credit check. Bad personal credit will not disqualify you from purchasing a collection agency bond in Wyoming.

How Do I Renew My Collection Agency Bond?

Simply pay your renewal invoice when prompted to extend your bond for another term. When you work with SuretyBonds.com, we’ll send you phone and email reminders starting 90 days out. 

Depending on the term you select, you’ll need to renew every one, two or three years for as long as you maintain your collection agency license.

Can I Make Changes to My Bond?

If minor information on your bond needs to be updated, such as the business name, contact your surety provider. Email [email protected] with the change request and we will issue you a bond rider amendment document if possible.