Collection agency businesses operating in Maryland are regulated by the state’s Department of Labor.
The state has elected to utilize NMLS (National Mortgage Licensing System) for both new and renewal licensees. The surety bond requirement is filed through NMLS; our agency can handle the filing of the surety bond on your behalf.
Amount of the Surety Bond and Qualifying
The Maryland collection agency bond is a $5000 surety bond. The bond amount increases in increments of $5000, for each Maryland collection agency location.
Most applicants will only require the $5000 surety bond. Qualifying is both easy and involves no credit check. After completion of a standard surety bond application (which can be done over the phone with the help of an agent); payment of the surety bond premium; the bond is issued to you immediately.
An emailed copy of the bond can be sent to you at no additional charge. We can also electronically file your surety bond to NMLS.
There are 3 pricing options available for the $5000 Maryland collection agency bond.
Pricing options are as follows:
Pricing options can be offered for collection agency bonds with a higher dollar amount.
The purpose of the Maryland collection agency bond is to serve as a financial guarantee for any consumers against violations of the Maryland Consumer Debt Collections Act , and any amendments, or additions to the law.
As principal of this bond, you must indemnify the surety for any claims paid against your bond; however, the aggregate total of any such claims will not exceed the bond’s amount, excluding any attorney fees and other related costs.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and fiduciary bonds throughout Maryland.
Our agency also provides surety bonds nationwide.
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