Massachusetts Collection Agency/Debt Collector Bond's are required by Massachusetts's General Laws and Regulation to obtain your Massachusetts Collection Agency/Debt Collector Bond. The Massachusetts Collection Agency Bond amount is set at $25,000.
a $25,000 surety 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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Must have a debt collectors license to be able to use and purchase a collection agency bond.
This license is required of any company or sole proprietorship that directly or indirectly collects or attempts to collect third party debt from Massachusetts consumers; and active debt buyers.