The Nevada state legislature defines a collection agency as, “…all persons engaging, directly or indirectly, and as a primary or secondary object, business or pursuit, in the collection of or in soliciting or obtaining in any manner the payment of a claim owed or due or asserted to be owed to another.”
To start a collection agency in Nevada, applicants must be first licensed by the state.
Requirements for the state licensing include the following (this list is not all encompassing):
In addition to above, Nevada collection agency applicants must also:
Other fees are can be found here…
In addition to the above, Nevada collection agencies are also required to post a surety bond for a minimum amount of $35,000, up to a maximum amount of $60,000.
The bond amounts required are determined as follows:
If the average monthly balance on an account is $99,999.99 or less, the bond is $35,000.
$100,000 to $149,999.99 ---the bond amount required is $40,000.
$150,000 to $199,999.99 ---the bond amount required is $50,000.
$200,000 and above, the bond amount required is $60,000.00
In this connection, it’s important to note that within 3 months, and thereafter, semiannually, the Nevada Commissioner is permitted to exam the collection agency’s trust account to determine the bond amount required.
Collection agencies which are not licensed in Nevada, but who wish to conduct business in state are called foreign collection agencies.
While they must obtain a certificate from the State Commissioner to conduct business in the state, the surety bond amounts mentioned above are still applicable.
AmeriPro Surety Bonds will help facilitate obtaining a Nevada collection agency bond. We work to provide you the bond as quickly as possible at the best available price.
The price of the Nevada collection agency bond will be determined almost entirely --- if not entirely---by two criteria:
The amount of the collection agency bond: (i.e., there will be a difference in price between a $35,000 and $60,000 surety bond);
The applicant’s credit score.
Though the amounts required are between $35,000 to $60,000, applicants, of course, will pay only a small percentage of these amounts.
A State of Nevada collection agency bond is issued to the state of Nevada and protects the consumer public from acts of criminal malfeasance, dishonesty, theft, fraud, and willful misrepresentation in the performance of duties on the part of a Nevada collection agency.
It is not, therefore, a liability policy for the collection agency.
Rather, it is a policy that benefits and protects the state of Nevada and consumers.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license & permit, contract, court and fiduciary bonds in Nevada.
We also provide surety bonds in all 50 states.
We appreciate your consideration and look forward to helping you get the bond you need.