Arkansas Collection Agency Bond
AmeriPro Surety Bonds | 844-589-9732
Collection Agencies – Arkansas
The Arkansas State Board of Collection Agencies regulates and licenses collection agency businesses in the state.
A surety bond is required as a condition of licensing. The amount of surety bond required depends on the number of employees of your collection agency business. The breakdown amounts are as follows:
- If your business has 5 or fewer collectors, then you require a $10,000 surety bond;
- If your business has between 6 to 12 collectors, then you require a $20,000 surety bond;
- And if you have 13 or more collectors, then you require a $25,000 surety bond.
Meeting the surety bond requirement will be very easy – you’ll see – and it will only take a few minutes of your time.
Qualifying and the Premium
You are automatically approved for the Arkansas collection agency bond; there is no credit check nor review by an underwriter.
After completing a short surety bond application —which we’ll take from you over the phone –and payment of the required premium, our agency issues your collection agency bond to you immediately.
Once issued, the bond and Power of Attorney are mailed to you by the following business day. The original bond, which will have our signature as Surety and which you will sign as Principal, will be the one you’ll want to file with the State Board.
The surety bond amounts and corresponding premium are as follows:
- $10,000 surety bond, $100 premium;
- $20,000 surety bond, $150 premium;
- $25,000 surety bond, $188 premium.
Additional Premium Payment Options
Your business’s collection agency bond at the above premium, is issued for a standard one year period. Your surety bond and the premium both renew on your bond’s one year anniversary.
Our agency also provides you with the option to prepay your surety bond for up to 3 years. Prepayment of the premium allows you more time between renewals and a savings over annual renewals of the premium.
While available for all surety amounts required, using just the $25,000 surety bond amount as example:
- If prepaid for 2 years, the premium is $338, a $38 savings;
- If prepaid for 3 years, the premium is $489, a $75 savings.
Purpose of Your Surety Bond Requirement
This collection agency surety bond is a financial guarantee that ensures your compliance with all laws and regulations governing your business, particularly Arkansas Code Annotated §17-24-101, and the related statutes which follow therefrom.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Arkansas.
Our agency also provides surety bonds nationwide.
Please contact our agency today at:
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