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.
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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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.