What is an Utah Collection Agency Bond?
Utah Collection Agency/Debt Collector Bond's are required by Utah's Division of Corporations and Commercial Code to obtain your Utah Collection Agency/Debt Collector Bond. The Utah Collection Agency Bond amount is set at $10,000.
The State requires a Collection Agency bond for:
a $10,000 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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Utah Collection Agency Bond Information and Requirements:
A Collection Agency is a business that pursues payments on debts owed by individuals or businesses. No person shall conduct a collection agency, collection bureau, or collection office in this state, or engage in this state in the business of soliciting the right to collect or receive payment for another of any account, bill, or other indebtedness, or advertise for or solicit in print the right to collect or receive payment for another of any account, bill, or other indebtedness, unless at the time of conducting the collection agency, collection bureau, collection office, or collection business, or of advertising or soliciting, that person or the person for whom he may be acting as agent, is registered with the Division of Corporations and Commercial Code and has on file a good and sufficient bond.