New Jersey Collection Agency Bond

New Jersey Collection Agency Bond

New Jersey Collection Agency Bond


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What is an New Jersey Collection Agency Bond? 


New Jersey Collection Agency/Debt Collector Bond's are required by New Jersey's Division of Revenue and Enterprise Services to obtain your New Jersey Collection Agency/Debt Collector Bond. The New Jersey 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:


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New Jersey Collection Agency Bond Information and Requirements:


Anyone who is operating a collection agency or is in the business of collecting or receiving payment for others of any account, bill, or other indebtedness must annually file a Collection Agency Bond Application. The application will attest that a $5,000 bond has been filed with the State of New Jersey as required by statute.

All business entities (including out-of-state businesses) must be on file with the State of New Jersey. The "Public Records Filing for New Business Entity" form must be on file before the collection agency bond application is submitted.

When submitting the application, a finance statement from the surety company and an executed Power of Attorney form establishing the Attorney-in-Fact as the Surety's authorized legal representative must be attached. The fee for processing these documents is $25.00. Remember when filing, that two witnesses other than the principal are required for each signature.

For the duration of the Public Health Emergency and State of Emergency declared by Governor Murphy in Executive Order 103 of 2020, (1) witnessing signatures by live video is permitted for the purpose of completing this application, and (2) remote notarization is allowed as specified in L. 2020, c. 26.

For more information on remote notarization, visit our Notary Public Search page. If remote notarization is used, the phrase “personally appeared” on the Acknowledgement of Principal must be changed to “remotely appeared using communication technology.” Note that for witnessing signatures by live video, parties to the transaction may use the same forms of identity verification outlined in the guidance for remote notarizations.

Once the application is reviewed by the Attorney General's office, the registration of the bond will be mailed to you.

The application with all attachments and payment should be forwarded to:

NJ Division of Revenue
Collection Agency Bonds
PO Box 453
Trenton, NJ 08646


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