Colorado Collection Agency Bond |
AmeriPro Surety Bonds | 844-589-9732
Collection Agencies – Colorado
Collection agencies, both those which are domiciled in Colorado and collect from residents of the state; and those based outside of Colorado, but who also collect debt within Colorado, are required to be licensed.
Both categories of entities are required to furnish the appropriate surety bond.
The surety bond required of collection agencies takes just a matter of moments to obtain with our agency. The state Attorney General Office is the obligee for your collection agency bond.
Amount of Surety Required
The Colorado collection agency bond is a surety bond which is:
- A minimum of $12,000 surety bond;
- And, a maximum amount of $20,000 surety bond.
Paragraph 5-16-124 of the Colorado Revised Statutes is your guide in determining the amount of surety bond required:
According to the statute, $12,000 is the minimum, but the surety bond amount required increases by $2,000 for each $10,000 (or part thereof) of your average monthly amount remitted or owed to your clients during the previous year that exceeds $15,000.
However, the surety bond has a maximum amount of $20,000.
Qualifying for Your Surety Bond
Qualifying for the Colorado collection agency bond couldn’t be any easier since there is no underwriting nor a personal or business credit score check involved. After completion of the application (which can be done over the phone), and payment of the premium, the surety bond is issued to you immediately.
Once paid and issued, our agency can also email you a copy of your surety bond at no extra charge. The original will follow in the mail by the same or the following business day.
The Premium and Premium Options
Using the $20,000 maximum amount, the premium for your collection agency bond is:
- $150, for one year.
You also have the option to prepay your collection agency bond for 2 or 3 years. Doing so allows you a savings over year to year renewal of your premium.
Those options are as follows:
- Prepayment for 2 years at $270;
- Prepayment for 3 years at $390.
Purpose of Your Surety Bond Requirement
This surety bond is a financial guarantee which protects your clients. It ensures:
- That your collection agency will pay the proceeds of the collections, minus the charges to all of your clients;
- That your collection agency will provide all notes, documents, other requirements to clients as required by law;
- AND, that your collection agency will operate in compliance with the Colorado Fair Debt Collection Practices Act.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and fiduciary surety bonds throughout Colorado.
Our agency also provides surety bonds nationwide. Please contact us today at:
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