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.
a $5,000 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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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: