Wyoming Collection Agency Bond
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How much does a debt collection agency bond cost in Wyoming?
The Wyoming Collection Agency Board requires collection agencies to post $10,000 surety bonds. Collection agency bonds are issued for just $100 as an instant purchase. A 25% discount is available for subsequent years when multiple years of coverage are purchased.
Five minutes and $100 is all it takes to get bonded when you choose SuretyBonds.com! Fill out our easy online contact form to get started.
Why do I need this bond?
Wyoming collection agency bonds exist to protect consumers from any fraudulent activity that occurs at the hand of a debt collection agency. By posting this bond, principals (collection agencies) agree to abide by all rules, laws and regulations stated in the Wyoming Statutes Annotated.
Prohibited acts under this bond include:
- working without a license
- committing a misdemeanor
- failing to pay all monies collected to the parties its owed to
- failing to keep all collection records required by the Department and Board
What’s the fine print?
Collection agency bonds in Wyoming remain continuous until canceled. The surety must give prior notice of the intent to cancel the bond to the Collection Agency Board.
All fields on the surety bond form must be filled in legibly. No tape or whiteout can be used. If a mistake is made, the mistake must be marked through and notarized.
How to become a debt collection agency in Wyoming
To become a licensed collection agency in Wyoming, applicants must submit the following required fees and documents along with the completed licensing application:
- $500 filing fee
- Business Information form
- financial statements
- Certificate of Good Standing
- summary of procedures for business
- 3 professional references
- bank references and information
Complete licensing information can be accessed from the Additional Resources section of this page.
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.