Collection agencies operating in New Jersey are regulated by the state’s Department of the Treasury.
The bond requirement is very clear for collection agencies, and the department has a page dedicated to the surety bond requirement.
A $5000 surety bond is required of all collection agencies operating in New Jersey. AmeriPro Surety Bonds offers this bond for you as both a first time and renewal surety bond.
The $5000 New Jersey collection agency bond is a surety bond which will likely cost an application about 2% of the amount or $100 annually.
In addition to an application, a credit check may or may not be required for this surety bond. If required, our agency utilizes a “soft pull”. A soft pull is a credit check which will not even temporarily lower your credit score nor show up as an inquiry.
Once issued, this collection agency surety bond is valid for one year from the date of issuance; thereafter, the bond is required to be renewed.
The purpose of your New Jersey collection agency bond is a financial guarantee which ensures your compliance with all state and federal rules governing collections of debt.
The surety bond, while required of your collection agency company, is for the benefit of the state of New Jersey, and by extension, any persons harmed due to the failure of an agency to act in accordance with statutes and law which, in turn, causes some financial harm.
The existence of the bond allows such persons to file against your bond, if such were ever to occur. However, the maximum amount that the surety would pay would be $5000, in total.
As principal of the surety bond, if ever a claim were paid against your bond, you are legally responsible to reimburse the surety for all costs and fees invovled in the settlement of any claim.
Once completed, the license application for a New Jersey collection agency, and the surety bond from AmeriPro Surety Bonds are both mailed to:
NJ Division of Revenue
Collection Agency Bond Section
PO Box 453
Trenton, NJ 08646
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary surety bonds throughout New Jersey.
Our agency also provides surety bonds nationwide.
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