Florida Collection Agency Bond

Florida Collection Agency Bond

Florida Collection Agency Bond


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What is an Florida Collection Agency Bond? 


Florida Collection Agency Bond's are required by Florida's Financial Services Commission to obtain your Florida Collection Agency Bond. The Florida Collection Agency Bond amount is set at $50,000. 


The State requires a Collection Agency bond for :  


a $50,000 surety bond

 

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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Florida Collection Agency Bond Information and Requirements:


This bond is issued subject to the following expressed conditions:


1. The principal shall file a copy of the original surety bond with the State of Florida, Office of

Financial Regulation, 200 E. Gaines Street, Tallahassee, FL 32399-0376, or its successors, upon applying

for registration and upon applying for renewal of such registration.


2. The bond may be cancelled by surety by giving thirty (30) days notice in writing to the

principal and the State of Florida, Office of Financial Regulation, 200 E. Gaines Street, Tallahassee, FL

32399-0376, or it successors, by United States certified mail and this bond shall be deemed cancelled at

the expiration of said thirty (30) days from the service of said notice, the surety remaining liable for all or

any parts of obligations covered by this bond which may have accrued by default of the principal prior to

the effective date of the cancellation.


3. Subject to the foregoing provisions for termination, this bond shall be deemed to be

continuous in form and shall remain in full force and effect and shall run until the date the surety receives

notice from principal by United States certified mail that principal is no longer acting as a commercial

collection agency, after which liability shall cease except as to any liability incurred or accrued during the

period of this bond. Within fourteen (14) days of receipt of notice that principal is no longer acting as a

commercial collection agency, surety shall serve a copy of principal's notice to the State of Florida, Office

of Financial Regulation, 200 E. Gaines Street, Tallahassee, FL 32399-0376.

OFR-CCA-101 Revised 5-01-2004


4. Every credit grantor damaged as a result of unlawful or fraudulent commercial collection

activities of the failure of principal, or any salesperson, agency or representative thereof, to comply with

the provisions of Chapter 559, Part V, and the duly promulgated rules that may be issued now or hereafter

of the State of Florida, Office of Financial Regulation, or it successors, and other lawful orders of the

State of Florida, Office of Financial Regulation, or its successors, and any amendments to them, may

bring an action in a proper court on this bond for the amounts of damages sustained as a result of unlawful

or fraudulent commercial collection practices or for the failure of principal, or any employee, agent or

representative thereof, to comply with the provisions of Chapter 559, Part V, and duly promulgated rules

that may be issued now or hereafter of the State of Florida, Office of Financial Regulation, or its

successors, and other lawful orders of the State of Florida, Office of Financial Regulation, or its

successors, and any amendments to them.


5. The aggregate liability of surety under this bond shall not exceed in any and all cases the sum

of $50,000.


6. In the event principal and surety, or either of them is served with notice of any action brought

against principal or surety under this bond, written notice of the filing of such action shall be immediately

given by principal or surety, as each is served with notice to the action, to the State of Florida, Office of

Financial Regulation, 200 E. Gaines Street, Tallahassee, FL 32399-0376 or its successors, by United

States certified mail.


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