AmeriPro Surety Bonds is a surety bond-only agency which provides collection agency surety bonds in Arizona. We also provide surety bonds of all types throughout the state.
Our surety agency explains below what a collection agency is by definition, and how to get your surety bond through our company.
We offer surety bonds both for new Arizona collection agency applicants and those who want and need to renew their surety bond.
Collection agencies operating in Arizona come under the authority of the Arizona Department of Financial Institutions.
The agency’s address is:
DFI (Department of Financial Institutions)
100 N. 15th Avenue, Ste. 261
Phoenix, AZ 85007
The state of Arizona defines a collection agency as a business of whatever type (corporation, LLC, sole proprietorship) which solicits and/or collects funds for alleged monies owed or asserted to be owed to a third party.
Applicants who wish to be licensed as a collection agency will need to complete all of the following. The processing times will be contingent on the completeness and the accuracy of the information provided.
Licenses, once issued, are for a period of 1 year. The license year runs from January 1st through December 31st.
Renewal fees are $600, and an additional $200 per each additional collection agency location if that location is in Arizona.
The Department of Financial Institutions requires that surety bond be kept on file for Arizona collection agencies.
The amount of the bond required will be determined by the dollar value of the amount of the business completed in Arizona.
The DFI requires a minimum bond amount of $10,000, up to a maximum amount of $35,000.
Bond amounts required are determined as follows based on income from the previous year (and so a new bond may sometimes be required):
Income of the company for the prior year
Up to $250,0000 $10,000 bond is required
$250,001 to $500,000 $15,000 bond is required
$500,000 to $750,000 $25,000 bond is required
$750,001 and above $35,000 bond is required
Applicants for the Arizona collection agency bond will only pay a pay small percentage of the amounts mentioned above.
The premium for these surety bond will be determined, mainly, by the two following criteria:
The size of the bond you are required to purchase;
Your credit report and score.
The Arizona collection bond is not a business or liability insurance policy for and on behalf of a collection agency and must never be thought of as such.
The bond, is, rather, a protection --- a guarantee that the collection agency will comply with all state and federal laws in the performance of their duties as a collection agency.
The bond, then, protects the consumer --- and the state of Arizona --- from acts of malfeasance, theft, dishonesty, misrepresentation and other criminal activities that a collection agency may engage in.
AmeriPro Surety Bonds is committed to finding all of our customers the best surety bond pricing for their Arizona collection agency.
We value your consideration and look forward to working with and for you.