Maine Debt Collector Bond |
AmeriPro Surety Bonds | 844-589-9732
Maine — The way life should be…
Maine Debt Collector License
Maine debt collection companies are regulated by the state’s Department of Professional & Financial Regulation, Consumer Credit Protection. The Department provides information on licensing.
A Maine debt collector bond is also known as a Maine repossession bond. What differs are the amounts required. The breakdown for amounts required is as follows:
- New/first time applicants must obtain a $20,000 surety bond;
- Applicants who only perform repossessions must obtain a $15,000 surety bond;
- Applicants who only engage in letter writing require a $5,000 surety bond.
Renewal applicants have breakdowns which are as follows:
- If your gross average collections are under $10,000 a month, a $15,000 surety bond is required;
- If your gross average collections are between $10,000 and $20,000 a month, a $25,000 surety bond is required;
- If your gross average collections are between $20,000 and $30,000 a month, a $35,000 surety bond is required;
- If your gross average collections are between $30,000 and $40,000 a month, a $45,000 surety bond is required;
- Any amount over $40,000 in gross average collections requires a $50,000 surety bond.
Repossessors and those who only engage in letter writing have renewals of a $15,000 and $5,000, respectively.
Qualifying and the Premium
You are automatically approved for whatever Maine debt collector surety bond amount you require. This is because our agency issues this bond immediately to you without the delay involved with underwriting and a credit inquiry.
When you call us, we’ll take the application directly from you over the phone. We’ll ask you the basics — the name that should appear on your surety bond, the address and other contact information. We’ll also ask you for the County where you live, and, if applicable, the DBA name.
The breakdown for amounts and premiums are as follows:
- $5,000 surety bond – $100, annually;
- $15,000 surety bond – $113, annually;
- $25,000 surety bond – $188, annually;
- $35,000 surety bond – $263, annually;
- $45,000 surety bond – $338, annually;
- $50,000 surety bond – $375, annually.
Once the premium is paid, your surety bond is issued. Thereafter, your surety bond and a Power of Attorney from are mailed to you for filing. After signing your original surety bond as Principal, you’ll file both items to:
State of Maine Office of Consumer Credit Regulation
35 State House Station
Augusta, ME 04333
Premium Prepayment Options
For each surety bond amount, our agency offers you the option to prepay your premium up to 3 years, which saves you over annual renewals.
However, it is likely the best option for those whose collection activities are confined to letter writing or repossessions, as these amounts remain the same from year to year.
Purpose of Your Surety Bond Requirement
The purpose of this surety bond is a financial guarantee which ensures your compliance with Title 32 of Maine’s Revised Statutes Annotated, Sections 11001 to 110054.
AmeriPro Surety Bonds is a surety bonds only agency. We provide debt collector, collection agency bonds, and repossession surety bonds nationwide where required.
Our agency is also a provider of license and permit bonds in all 50 states.
Please call our agency today at:
Or, you may fill out the form below and an agent will contact you…