Florida Collection Agency Bond | AmeriPro Surety Bonds | 844-589-9732
Florida Collection Agencies
Collection agencies which operate in Florida are:
- Required to be licensed by the state;
- Regulated by the State of Florida, Office of Financial Regulation;
- Governed by Chapter 559 of the Florida Statutes;
- Required to maintain a $50,000 surety bond as a condition for licensing, according to state Statute Chapter 559.546.
This collection agency bond, both new and renewal, is available from AmeriPro Surety Bonds.
Florida Collection Agency Bond: The Purpose of this Surety Bond
Florida state law requires collection agencies to have a surety bond on file at times; the Office will not issue a collection agency license without it.
The purpose of the collection agency bond is to protect others, that is consumers, from fraud, theft, criminal misconduct or malfeasance on the part of a collection agency in the performance of their business duties.
The bond’s financial protection extends also to misconduct committed by employees, managers, and owners of the collection agency.
Of note is that the collection agency bond is only for the protection of others; it does not protect the collection agency at all, nor is it an insurance policy on the behalf of your collection agency.
Florida Collection Agency Bond: The Premium
The premium, or cost, of the surety bond, represents the price you will pay for its issuance.
Premium amounts will vary, and are contingent upon your application and credit score.
Premium amounts may be as little as 1% of the $50,000 collection agency bond amount, or $500, and they generally move upwards from that point.
Duration of the Florida Collection Agency Bond:
Your collection agency bond is active from one year from date of issue.
The bond should ideally have active dates that match the collection agency licensed issued to you by the Office of Financial Regulation.
Doing so prevents any lapse of bond coverage on your part, and eliminates the potential for the Office to threaten your license with suspension for lack of bond coverage.
Starting a Collection Agency Business in Florida
The application – and the renewal application — for a Florida collection agency license can be found online.
A copy of the bond can be submitted online once purchased from our agency (we can email you a copy of your bond); however, the original bond must be mailed to the address below.
When you have received the physical bond from our agency, you will want to sign the original copy and mail it to the following address:
Office of Financial Regulation
Bureau of Regulatory Review
200 East Gaines Street
Tallahassee, FL 32399-0376
Please note that the physical bond must be mailed to this address; but the emailed copy of the bond is enough to demonstrate proof of its existence for licensing purposes.
About AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary bonds throughout Florida.
Our business concentration focuses on two items:
and the Surety bond YOU need.
Please call us today at: 844-589-9732