Maryland Collection Agency Bond

Maryland Collection Agency Bond

Maryland Collection Agency Bond


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What is an Maryland Collection Agency Bond? 


Maryland Collection Agency/Debt Collector Bond's are required by Maryland's Department of Labor, Licensing, and Regulation to obtain your Maryland Collection Agency/Debt Collector Bond. The Maryland Collection Agency Bond amount is set at $5,000. 


The State requires a Collection Agency bond for:  


a $5,000 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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Program:


You can buy your Maryland Collection Agency Bond (Apply) online immediately


Maryland Collection Agency Bond Information and Requirements:


Corporation/LLC


  1. Trade Name - If a trade name is used, provide proof of the trade name registration from the Maryland Department of Assessments and Taxation. The Maryland Department of Assessments and Taxation can be reached at 410-767-1340.
  2. Principal Officer Information - Provide a list of names, business and residence addresses, and telephone numbers of each principal officer and director. 
  3. Experience - Provide a true and correct statement of the business and/or employment for each of the principal officers or members who own or control 10% or more of the Corporation or LLC. Provide a current resume; for each employer listed, include the employer's name and full address, the period of employment with that employer (beginning month/year and ending month/year) the position held, and a description of your duties and responsibilities.
  4. Stockholders - A list of the stockholders who own or control 10% or more of the Corporation or LLC. 
  5. Organizational Documentation - Provide a copy of the current by-laws, articles of incorporation or organization, and operating agreement.
  6. Certificate of Good Standing - Provide a current (within the last 12 months) Certificate of Good Standing from the Maryland Department of Assessments and Taxation (410- 767-1340).
  7. Surety Bond - A MD Collection Agency Licensee Surety Bond Form (Word) or valid continuation certificate that runs to the Commissioner in the amount of $5,000.00, in favor of the state of Maryland. The bond must be "continuous until cancelled."


Partnership, Limited Liability Partnership, or Unincorporated Association


  1. Principal Officer Information - Provide a list of names, business and residence addresses, and telephone numbers of each principal officer and director.
  2. Experience - A true and correct statement of the business and/or employment for each of the general partners, co-venturers, or association members. Provide a current resume; for each employer listed, include the employer's name and full address, the period of employment with that employer (beginning month/year and ending month/year) the position held, and a description of your duties and responsibilities.
  3. Organizational Documents - A copy of the partnership agreement, certificate of limited partnership, or articles of association.
  4. Trade Name - If a trade name is used, provide proof of the trade name registration from the Maryland Department of Assessments and Taxation. The Maryland Department of Assessments and Taxation can be reached at 410-767-1340.
  5. Certificate of Good Standing - A current (within 12 months) Certificate of Good Standing from the Maryland Department of Assessment and Taxation (410- 767-1340). 
  6. Surety Bond - A MD Collection Agency Licensee Surety Bond Form (Word) or valid continuation Certificate that runs to the Commissioner in the amount of $5,000, in favor of the State of Maryland. The bond must be "continuous until cancelled."


Individual or Sole Proprietorship


  1. Experience - A true and correct statement of the business and/or employment. Provide a current resume; for each employer listed, include the employer's name and full address, the period of employment with that employer (beginning month/year and ending month/year) the position held, and a description of your duties and responsibilities.
  2. Surety Bond - A MD Collection Agency Licensee Surety Bond Form (Word) or valid continuation Certificate that runs to the Commissioner in the amount of $5,000, in favor of the State of Maryland. The bond must be "continuous until cancelled."
  3. Trade Name - If a trade name is used, provide proof of the trade name registration from the Maryland Department of Assessments and Taxation. The Maryland Department of Assessments and Taxation can be reached at 410-767-1340.



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