What is an Arizona Collection Agency Bond?
Arizona Collection Agency Bond's are required by Arizona's Department of Commerce to obtain your Arizona Collection Agency Bond. The Arizona Collection Agency Bond amount is set at $10,000. 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.
The State requires a Collection Agency bond for :
a $10,000 surety bond but surety bond amounts may rise based on loan amounts.
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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Arizona Collection Agency Bond Information and Requirements:
Must have a collection agent license and be able to make loans.