The Indiana Secretary of State regulates and licenses collection agencies.
The registration of collection agencies ($100 fee) and application for new collection agencies licenses (also a $100 fee) are filed through NMLS, the National Mortgage Licensing System.
There is also a surety bond requirement, which when purchased is filed through NMLS.
After purchase of your collection agency bond, providing our agency with your NMLS number allows AmeriPro Surety Bonds to file this bond on your behalf.
The Indiana collection agency bond is a $5000 surety bond required by state regulation. Our agency offers you this surety bond as an instant issue bond for just $100.
By ‘Instant issue’ is meant that there is no credit check involved. After completion of a surety bond application and receipt of the premium payment, the bond is issued and mailed to you immediately (or we can file it for you through NMLS).
The Indiana collection agency is issued for one year, but with an expiration of December 31st. You will also have the option of prepaying this bond for 2 or 3 years which offers you a savings over renewing your bond annually. Also, if you are purchasing the bond in the middle of the calendar year, it prevents you from having to renew within the same calendar year.
The $5,000 Indiana collection agency bond is a financial guarantee which ensures your compliance with all statutes and rules regulating the collection of debts in Indiana. Specifically, this bond ensures your compliance with Indiana Code 25-11.
A collection agency bond, while required of your company, is for the benefit of those consumers who can credibly demonstrate violation of the law which in turn causes harm.
As principal for this bond, you would be required to indemnify the surety for any claims paid against your bond; however, the aggregate total, excluding attorney fees and other costs, will not exceed the amount of your bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and fiduciary bonds throughout Indiana.
We also provide surety bonds nationwide.
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