The Connecticut Department of Banking is the regulatory body charged with the licensing and enforcement of regulations for collection agencies.
While the Department is the entity requiring the $25,000 surety bond, you will file your bond through NMLS, the Nationwide Mortgage Licensing System. The original surety bond – not a copy --- is what is required for filing.
It is actually more accurate to say that the Connecticut collection agency bond is a $25,000 surety bond required per location. Qualifying for this bond, however, couldn’t be any easier. This is because after completion of an application – which we will take from you on the phone --- and payment of the premium, your collection agency bond is issued immediately.
There is no underwriter review nor credit check inquiry for this bond.
The premium for your collection agency bond is just $188, annually.
Once issued, our agency can send you a copy of the bond; however, again, it is the original surety bond ---which bears our wet signature – and which you also must sign as Principal, that you will file through NMLS.
Applicants who require more than one collection agency surety bond for Connecticut should be aware that each location will have its own bond for $25,000. In other words, the bond amounts are not combined into one bond.
At $188, the Connecticut collection agency bond is issued with a standard one year term. Thereafter you must renew your surety bond(s). Our agency also offers you the option to prepay your for 2 or 3 years.
Prepayment of the premium means you renew less frequently. Prepayment of the premium also means that you have a savings over year to year renewal of your surety bond.
The purpose of the collection agency bond, as noted within the bond’s wording, is that you will provide a full and accurate accounting of all funds received and collected by your business in the capacity as a licensed agency.
AmeriPro Surety Bonds is a surety bonds only agency. We provide license and permit surety bonds throughout Connecticut.
Our agency also provides surety bonds nationwide.
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