What is an Indiana Collection Agency Bond?
Indiana Collection Agency Bond's are required by Indiana's Secretary of State to obtain your Indiana Collection Agency Bond. The Indiana Collection Agency Bond amount is set at $25,000.
The State requires a Collection Agency bond for :
a $25,000 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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Indiana Collection Agency Bond Information and Requirements:
A newly amended state law requires all credit services organizations, including foreclosure consultants, to file a surety bond with the Office of the Indiana Attorney General before doing business in Indiana. The purpose of the surety bond is to provide a remedy for consumers who are damaged by a violation of Indiana consumer protection law during the course of a credit services transaction.
Under Indiana Code ch. 24-5-15, a credit services organization must, before doing business in Indiana:
Alternatively, a credit services organization may submit an irrevocable letter of credit for an equivalent amount that serves as a remedy to a consumer damaged in the course of a credit services transaction. If the bonding requirement is waived by the Indiana Attorney General’s Office in favor of the irrevocable letter of credit, a credit organization that obtains such a letter must file a copy with the Office before doing business in Indiana.