What is a Florida Commercial Collection Agency Bond?
Know what this bond is for and how to get one fast!
To start a commercial collection agency in the State of Florida, you need to…
- Apply for a registration
- Pay the necessary registration fees
- Secure a surety bond
A Commercial Collection Agency Bond is an initial and renewal registration requirement pursuant to Section 559.546 of the Florida Statutes and is enforced by the Office of Financial Regulation of the State of Florida.
The surety bond will guarantee the faithful performance of the commercial collection agency’s duties – which includes soliciting commercial claims for collection – in accordance with the laws that govern commercial agencies in the State of Florida.
If the registered commercial collection agency fails to fulfill its lawful responsibilities or commits a wrongful act, the Obligee will be able to file a bond claim.
What is the Commercial Collection Agency Bond amount?
The bond amount is $50,000.
Your bond premium will depend on your credit score. Those who have an excellent credit score will be able to pay as little as 1% of the bond amount!
How can I get a Commercial Collection Agency Bond?
To secure this type of bond, the commercial collection agency registration applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of Florida
- The surety bond should be made payable to the Financial Services Commission of the State of Florida
- The registered commercial collection agency must perform its duties in accordance with the provisions of Chapter 559 of the Florida Statutes, as well as the rules and regulations of the Office of Financial Regulation of the State of Florida and the Financial Services Commission
- If the registered commercial collection agency commits a violation, the aggrieved party will be eligible to file a claim against the surety bond
- The surety bond should run concurrently with the registration
Ready to apply? START HERE!