Oregon Collection Agency Bond | AmeriPro Surety Bonds | 844-589-9732
Oregon Collection Agency Bond
AmeriPro Surety Bonds offers the Oregon collection agency bond for both new and renewal business applicants.
We also offer the collection agency bond collection agencies domiciled in Oregon, and collection agencies with no offices in the state but who conduct business (attempting to collect) in Oregon.
There are two different bond amounts required.
Oregon Collection Agencies
Oregon collection agencies are in the business of attempting to collect a debt, or an alleged debt, on behalf of a first or third party.
As all collections agencies are, companies operating in the state must here adhere to the provisions found in the Fair Debt Collections Practices Act (FDCPA) .
Becoming Licensed as an Oregon Collection Agency
Oregon collection agencies companies are regulated by the Oregon Division of Financial Regulation.
Collection agency companies, however, register, apply, and pay their licensing fees through the NMLS.
Licensing to become properly licensed in Oregon as a collection agency involves:
- An application and payment of a non-refundable $350, to the Division of Financial Regulation (payment is made through NMLS);
- A credit report for the control person;
- For anything derogatory on the control person’s credit reporting, providing a detailed explanation
- Providing the name and the address of the registered agent;
- Providing the bank account information — both the business bank account and the trust bank account;
- Providing information on how the business is organized (i.e. corporation, sole proprietorship, LLC, etc.);
- Allowing permission to conduct a criminal background investigation for each and every member, officer, and anyone owning 10% or more of the collection agency corporation;
- Providing a personal history disclosure;
- Other information as needed and requested .
Oregon Collection Agency Bond: Amount Required
In addition to the above, a collection agency will need to post a surety bond.
This is completed electronically though NMLS as well and AmeriPro Surety Bonds will assist you every step of the one with filing your surety bond.
The Oregon collection agency bond will be in one of two amounts:
- An Oregon collection agency bond in the amount of $15,000, for collection companies which operate in Oregon, but have no offices or trust accounts in the state;
- An Oregon collection agency bond in the amount of $10,000 for companies domiciled in Oregon.
Oregon Collection Agency Bond: Purpose
The Oregon collection agency bond is a guarantee for the state of Oregon and the consumer public that the collection company will abide by any Oregon state and federal laws which govern collection agencies which do business in the state.
Oregon Collection Agency Bond: Duration
The Oregon collection agency bond may be prepaid for up to 3 years with AmeriPro Surety Bonds.
Each year prepaid offers a greater savings.
As an example:
- A 1 year collection agency bond may cost as little as $100;
- A collection agency bond prepaid for 2 years may cost as little as $175;
- A collection agency bond prepaid for 3 years may cost as little as $250.
Oregon collection agency companies would be well-advised to have the bond run concurrent with the Oregon collection agency company license, which renews annually.
The annual license renewal fee is $120.
Oregon Collection Agency Bond: Premium
The premium due may be determined, in part, by a soft pull of an applicant’s credit report.
The other factors which will determine the premium for the bond is the amount required, and whether this surety bond has been prepaid for one, two, or three years.
About AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bonds-only company which offers surety bonds of all types throughout Oregon.
We work for you.
And we work to find you the best pricing as quickly and efficiently as possible.
We appreciate your patronage and thank you for choosing our agency (when there are many other good choices out there!)
AmeriPro Surety Bonds looks forward to helping you obtain your Oregon collection agency bond today.