Washington Collection Agency Bond
Washington Collection Agency Bond
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What is an Washington Collection Agency Bond?
Washington Collection Agency/Debt Collector Bond's are required by Washington's Department of Revenue to obtain your Washington Collection Agency/Debt Collector Bond. The Washington 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 Washington Collection Agency Bond (Apply) online immediately
Washington Collection Agency Bond Information and Requirements:
Any business involved in collecting a debt on behalf of a debt owner, or collecting a debt you have purchased from another person ('debt buyer,' see definition), and either you, the debtor, or the debt owner are located in Washington, you must have a Collection Agency endorsement and be licensed in Washington.
Note: The law clarifies that collection agency licensees are prohibited from engaging in the unauthorized practice of law. See Department of Licensing for more information.
- You cannot begin business activity until you receive a business license listing the required endorsement.
- Washington is a closed-border state. You must have a license before contacting debtors or soliciting clients in Washington.
If you or your business needs help in obtaining a surety bond or commercial insurance give us a call!