What is an West Virginia Collection Agency Bond?
West Virginia Collection Agency/Debt Collector Bond's are required by West Virginia's Tax Department to obtain your West Virginia Collection Agency/Debt Collector Bond. The West Virginia 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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West Virginia Collection Agency Bond Information and Requirements:
Collection agency means and includes all persons, firms, corporations and associations:
- Directly or indirectly engaged in the business of soliciting from or collecting for others any account, bill or indebtedness originally due or asserted to be owed or due another and all persons, firms, corporations and associations directly or indirectly engaged in asserting, enforcing or prosecuting those claims;
- Which, in attempting to collect or in collecting his or her or its own accounts or claims uses a fictitious name or names other than his or her or its own name;
- Which attempts to or does give away or sell to others any system or series of letters or forms for use in the collection of accounts or claims which assert or indicate directly or indirectly that the claims or accounts are being asserted or collected by any person, firm, corporation or association other than the creditor or owner of the claim or account; or
- Directly or indirectly engaged in the business of soliciting, or who holds himself or herself out as engaged in the business of soliciting, debts of any kind owed or due, or asserted to be owed or due, to any solicited person, firm, corporation or association for fee, commission or other compensation.
To obtain a West Virginia Collection Agency Bond, you must have a Collection Agency License for this state.