What is an Hawaii Collection Agency Bond?
Hawaii Collection Agency Bond's are required by Hawaii's Department of Commerce and Consumer Affairs to obtain your Hawaii Collection Agency Bond. The Hawaii Collection Agency Bond amount is set at $25,000.
The State requires a Collection Agency bond for :
a $25,000 surety bond is required but for each branch location, a $15,000 surety bond is required.
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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Hawaii Collection Agency Bond Information and Requirements:
Each collection agency shall file and maintain with the Director a bond in the penal sum of $25,000 for the first office and $15,000 for each additional office in this State. Attach completed bond form.
All bonds shall be issued by a surety company authorized to do business in the State. Have your insurance company complete the Bond Form CA-02 (Available at: cca.hawaii.gov/pvl. Click on "Collection Agency".) for each office. A collection agency is required to have a current bond IN FORCE AT ALL TIMES for all offices unless terminated or canceled by the surety. Termination or cancellation shall not be effective, unless notice is delivered by the surety to the Director and the collection agency at least SIXTY (60) DAYS prior to the date of termination or cancellation. The bond may not be changed or amended without the prior written consent of the Director.