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What is an Arizona Collection Agency Bond?
Arizona Collection Agency Bond's are required by Arizona's Department of Insurance and Financial Institution to obtain your Arizona Collection Agency Bond. The Arizona Collection Agency Bond amount can be $10,000, $15,000, $25,000 or $35,000. This License is required of any person who directly or indirectly solicits claims for collection or collects claims owed, due or asserted to be owed or due to a third party.
Who is exempt from this License? Please review A.R.S. § 32-1004
A Break down of Collection Agency bond amounts :
A $10,000 Collection Agency Bond for on income amounts over $250,000.
A $15,000 Collection Agency Bond on Income over $250,001 -$500,000
A $25,000 Collection Agency Bond on Income over $500,001 -$750,000
A $35,000 Collection Agency Bond on Income over $750,001
Different parts of a bond:
There are 3 parts to a Collection Agency surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Collection Agency Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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Collection Agencies - NMLS
This License is required of any person who directly or indirectly solicits claims for collection or collects claims owed, due or asserted to be owed or due to a third party.
Who is exempt from this License? Please review A.R.S. § 32-1004
All Collection Agency Licensees that have transition to NMLS are encouraged to submit their renewal through NMLS. Please click HERE for Company Renewal instructions.
Company Licenses Description Requirements Checklist
Collection Agency License This license will be available in NMLS starting January 2, 2017. Those entities or individuals whom act as a collection agency are required to have this license. "Collection agency" means: (a) All persons engaged directly or indirectly in soliciting claims for collection or in collection of claims owed, due or asserted to be owed or due. (b) Any person who, in the process of collecting debts occurring in the operation of his own business, uses any name other than his own which would indicate that a third person is collecting or attempting to collect such debts. Arizona Revised Statutes Title 32, Chapter 9 – Collection Agencies
