Arkansas Collection Agency Bond
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How much does a collection agency bond cost in Arkansas?
The required amount of an Arkansas collection agency bond is based on the number of debt collectors the agency employs. Agencies with five collectors or fewer are required to post a $10,000 bond. Agencies with six to 12 collectors must post a $20,000 bond. Agencies with 13 or more collectors must post a $25,000 bond.
SuretyBonds.com can issue Arkansas agency bonds in the amount of $10,000 for just $100. If your required bond amount is greater than $10,000, the price you’ll pay is subject to underwriting. The experts at SuretyBonds.com work hard to make sure that all applicants get the bonds they need for the lowest possible rates.
Ready to get bonded? Let our experts do the hard work for you! Call 1 (800) 308-4358, or fill out an online bond request to connect with a debt collection bond specialist.
Why do I need this bond?
Collection agency bonds in Arkansas hold the principal (collection agency) accountable for conducting business ethically and in accordance with the rules and regulations of the Arkansas State Board of Collection Agencies. Violations include:
- communicating improperly with a debtor
- failing to maintain a valid license
- falsifying statements
- harassing debtors
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What’s the fine print?
Arkansas collection agency bonds are continuous until the surety decides to cancel the bond. To cancel the bond, the surety must send a written cancellation to the Arkansas State Board of Collection Agencies 30 days prior to the termination date.
How to become a collection agency in Arkansas
All applicants applying for a collection agency license must submit their applications to the State Board of Collection Agencies.
- Submit the following documents:
Application for Collection Agency License (must be notarized)
Proposed Manager Information Form (must be notarized)
Registration of Collectors Form
Surety Bond Form - Pay the associated licensing fees via a single check made payable to the Arkansas State Board of Collection Agencies.
Licensing fee: $125.00
$20.00 for each manager
$20 for each collector or solicitor - Ensure that the bond is signed by the bonding company and an agent of the collection agency. This surety bond must be in the possession of the Arkansas State Board of Collection Agencies prior to a license being issued.
- Provide an organizational chart showing all members, affiliates, and subsidiaries.
Note that all applicants must have good character and good credit; credit reports will be pulled on all proposed managers as part of the state licensing process.
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Collection Agency Bonds Nationwide
Many collection agencies operate in multiple states, meaning they may be required to have multiple surety bonds. Get more information about other states’ collection agency bond requirements by selecting a state on the map below.
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