New York Collection Agency Bond

What is an New York Collection Agency Bond? 

New York Collection Agency/Debt Collector Bond's are required by New York's Department of Licensing and Regulatory Affairs to obtain your New York Collection Agency/Debt Collector Bond. The New York 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 New York Collection Agency Bond (Apply) online immediately

New York Collection Agency Bond Information and Requirements:

Businesses whose principal purpose is to regularly collect or to attempt to collect personal or household debts from New York City residents must have a Debt Collection Agency license no matter where the agency is located, including outside of New York State. This licensing requirement includes:

• Attorneys and law firms who regularly engage in activities traditionally performed by debt collectors

• “Debt buyers,” businesses that buy debt and then try to collect money directly or through the services of another

• Basic License Application

• Debt Collection Agency Licensing & Renewal Supplement

• Debt Collection / Child Support form (if applicable)

• Debt Collection Agency Non-Resident Form (if applicable)

• Granting Authority to Act Affirmation (if applicable)

• License Fee

• Basic License Application.

• Online submission: After reviewing the requirements, please click the Apply Online link at the bottom of the page to submit your application.

• In-person submission: Download the Basic License Application.

• Sales Tax Identification Number OR Application Confirmation Number.

• To apply for a Certificate of Authority in order to collect sales tax, visit businessexpress.ny.gov.

• Debt Collection Agency – Licensing & Renewal Supplement (download)

• You must complete and affirm the information provided on this form.

• Debt Collection/Child Support Form (download)

• You must complete the Debt Collection/Child Support Form to indicate whether your business will collect child support payment debts within New York City. If your business will collect child support payment debts, you must submit the following documents:

1. Copy of the disclosure form used by the Debt Collection Agency in New York City.
2. This form has all of the disclosure terms required under New York City Administrative Code § 20-494.1 (e).
3. Copy of the standard contract for child support payment debt collection services used by the Debt Collection Agency in New York City.
4. This form has all of the contract terms required under New York City Administrative Code § 20-492 (c).
5. Copy of your $5,000 Surety Bond, properly signed.
6. The copy of the bond must name the City of New York as the Certificate Holder. Your corporate name, Doing-Business-As (DBA) name (if any), and premises address must be exactly the same on all documents. You must also submit a copy of the bond receipt showing that the bond has been paid in full and does not expire before the end of the licensing period. For reference, Download a list of bonding companies.

• Debt Collection Agency Non-Resident Form (download)

• If your business is NOT located within New York City, you must complete and submit the attached Debt Collection Agency Non-Resident form.

• Granting Authority to Act Affirmation, if applicable (download Affirmation).

• Required if someone other than the license applicant will prepare and submit this application.

• Note: The applicant must sign the license application and all related forms.

• License Fee.

• License Period: 2 years | Expiration Date: January 31, Odd Years.