Idaho Collection Agency Bond

Idaho Collection Agency Bond

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What is an Idaho Collection Agency Bond? 

Idaho Collection Agency Bond's are required by Idaho's Department of Finance to obtain your Idaho Collection Agency Bond. The Idaho Collection Agency Bond amount is set at $2,000. 

The State requires a Collection Agency bond for :  

a $2,000 or a $15,000 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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Idaho Collection Agency Bond Information and Requirements:

Under the Idaho Collection Agency Act (ICAA), the following activities cannot be conducted in Idaho without obtaining a collection agency permit:

  • Operating as a collection agency, debt counselor, credit counselor, credit repair business or debt buyer,
  • Engaging, either directly or indirectly, in the business of collecting or receiving payment for others of any account or bill,
  • Soliciting or advertising for the right to collect or receive payment for another of any account or bill,
  • Selling or distributing any system of collection letters in which the name of any person other than the creditor to whom the debt is owed appears,
  • Engaging in the business of credit counseling, or
  • Engaging in the business of credit repair.

All collection agencies must file an annual report of activity, surety bond calculation form and pay an annual fee prior to March 15 of each year. Collection agency licensees must file a license renewal application annually prior to March 15 (paper) or December 31 (NMLS).

To obtain licensing information for Collection Agencies, Credit/Debt Counselors, Debt Buyers, Debt Settlement Companies or Credit Repair organizations, please call 208-332-8002 or email [email protected].

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