What is a Florida Collection Agency Surety Bond?
A Florida Collection Agency Bond is one way the State of Florida’s Office of Financial Regulation regulates collection agencies. The Florida Collection Agency Surety Bond ensures that monies collected by the bonded collection agency are handled appropriately according to the rules and regulations governing collection agencies in the State of Florida. Once approved by the state, the collection agency is authorized to collect or solicit collection for commercial claims, asserted to be owed or due to another person, including third party collectors of debts made by commercial businesses. For more information, you may want to review Florida Statute Chapter 559 Part V.
What is the Florida Collection Agency Bond amount?
The bond amount for the Florida Collection Agency Bond is $50,000. The bond amount was determined by Florida Statute 559.545 and is not cumulative in form. This means that the total amount of liability to the surety company is limited to $50,000 in the event of a claim regardless of number of years in effect or number of premiums paid. Please click here to view the Florida Collection Agency Bond form in its entirety.
Do I need to submit additional documentation to the state with my Florida Collection Agency Bond?
Yes, Florida Statute 559.545 indicates the collection agency must provide a current Florida Collection Agency Bond along with a statement from the surety company that the annual premium has been paid in full by the registrant. Additionally, a statement from the surety is required indicating the surety bond meets the requirements of Florida Statute 559.545.
What does the Florida Collection Agency Surety Bond cost?
The Florida Collection Agency Bond cost ranges from $500-$1,500 annually for well qualified applicants. The cost of this surety bond will increase if credit is an issue. Bad credit surety bonds typically range from 4-15% of the surety bond amount.
How do I apply for a Florida Collection Agency Bond?
- Complete our online Florida Collection Agency Bond application, or
- Download and complete our printable Florida Collection Agency Bond application, and
- Receive your surety bond quote in minutes!