A collection agency bond is required by the State of Arkansas as a prerequisite for a licensed collection agency to legally operate in Arkansas.
A collection agency bond is required by the State of Arkansas as a prerequisite for a licensed collection agency to legally operate in Arkansas. The bond is required before the license will be issued.
Collection agencies are required by State of Arkansas statutes to obtain a bond in order to obtain a collection agency license and be able to legally operate in Arkansas.
The amount of the surety bond depends on the number of collectors the licensed collection agency employs.
Agencies with five or fewer collectors will be required to obtain a $10,000 surety bond.
Agencies with greater than five but no greater than 12 collectors will be required to obtain a $20,000 surety bond.
Agencies with 13 or more collectors will be required to obtain a $25,000 surety bond.
Colonial offers the direct and digital way to obtain an Arkansas collection agency bond. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are simple — get a quote online, fill out your information, and enter your payment method. Print your bond from your home or office. It’s that simple!
An Arkansas collection agency bond is reasonably priced and easy to obtain. You may notice that with other insurance agents and middlemen companies, your premium rate will fluctuate and include additional hidden fees and costs. Colonial offers our lowest possible rate. Premium is based on the amount of the bond required by the applicable government agency.
It is important to understand how surety bonds work, and who is the insurance company issuing your bonds. It is easy to obtain an Arkansas collection agency bond when you deal direct with a quality insurance company licensed to write surety bonds. Colonial is an A (Excellent) rated insurance company by A.M. Best, that has been incorporated since 1930. We are Treasury listed, and licensed and admitted in all U.S. states and territories.