What is a Wyoming Collection Agency Bond?
A surety bond is required for collection agencies who have been licensed to legally perform their duties within the State of Wyoming.
The said licensed collection agency should submit a surety bond to the State Treasurer 20 days after the application for a license has been approved.
The requirement is mandated by the Wyoming Division of Banking in pursuance of § 33-11-108 of the Wyoming Statutes Annotated or the Wyoming Collection Agency Act.
A Collection Agency’s duties include, but are not limited to, the following:
- Engages in the business of collecting claims owed to another person
- Indirectly or directly furnishes or sells forms to the debtor in order to collect claims owed to the creditor
- A person who uses a fictitious name or who presents himself or herself as a third person to the debtor in order to collect claims owed
- An individual or business entity that buys delinquent or charged off claims for collection purposes
What is the bond amount?
The bond amount is $10,000.
Those who have an excellent credit score may qualify for a low bond premium, or as little as $100!
Know what you need to pay today by getting a FREE quote!
What are the bond conditions?
- The surety bond should be issued by a corporate surety who is authorized to conduct business in the State of Wyoming such as Surety Bond Authority
- The surety bond will be made payable to the State of Wyoming
- The surety bond should be approved by the Collection Agency Board and the Wyoming Attorney General
- The licensed Collection Agency should comply with the provisions of § 33-11-101 to 33-11-116 of the Wyoming Statutes Annotated or the Wyoming Collection Agency Act, as well as the rules and regulations of the Wyoming Division of Banking
- In case of a valid violation committed by the licensed Collection Agency, the aggrieved party will be able to file a claim on the bond
- In case of cancellation, a 30-day notice is required
How can I obtain this bond?
In order to secure this type of bond, the licensee must seek the assistance of a surety bond company.
You will be asked to apply for this bond.
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 pre-qualification process is fulfilled, we will execute the bond and send it to you!
Ready to get bonded? Call us today!