Utah Collection Agency Bond | AmeriPro Surety Bonds | 844-589-9732
Utah Collection Agencies
Collection agencies which operate in Utah are regulated by the Utah Department of Commerce, Division of Corporations and Corporate Code.
Fair Debt Collections Practices Act
Any new or renewal applicant involved in the debt collections business will want to familiarize themselves with the workings and responsibilities of the Fair Debt Collections Practices Act.
For collections agencies in Utah —or anywhere — the FDCPA is essentially “the bible” of your industry.
Becoming Licensed as a Utah Collection Agency
Obtaining a license as a Utah collection agency (or renewing an existing Utah collection agency license) is a rather simple process.
Applicants for a new Utah collection agency license will need to do the following:
- Ensure that your Utah collection agency business is formed in accordance with all state and federal law. For this, you may wish to seek —and are advised to do so — legal counsel.
- Complete a non-handwritten application. If the application is handwritten, it will be returned unprocessed;
- Pay the $32 non-refundable licensing fee;
- Promise to abide by the provisions of the Fair Debt Collections Practices act referenced above;
- Obtain a surety bond, and submit this surety bond along with all other required documents.
Utah Collection Agency Bond: Amount and Purpose
The Utah collection agency bond is for $10,000.
This surety bond is issued as a guarantee to consumers that the Utah debt collections company will abide by all state and federal laws in their debt collections practices.
Utah Collection Agency Bond: Duration
The Utah collection agency bond is issued for one year.
Applicants and renewal applicants will want to make sure that the bond runs concurrently with the term of their Utah collection agency license.
Utah Collection Agency Bond: Premium
The premium, or price of the Utah collection agency bond may be as little as $100 for the year.
The price you will pay, however, will be determined by a soft credit inquiry (meaning that our inquiry will not adversely affect your credit score).
AmeriPro Surety Bonds will work to find you the best pricing for your bond.
About AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bonds-only agency which offers Utah surety bonds of all types, including license and permit, court, and contractor bonds.
AmeriPro Surety Bonds also services surety bonding for all 50 states.
We thank you for your consideration and look forward to the opportunity of working for you!