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Connecticut Collection Agency Bond

Connecticut Collection Agency Bond

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Who Requires the Collection Agency Bond and Why Is It Needed?

A $25,000 Collection Agency Bond is required by the Connecticut Banking Commissioner to protect consumers against the possibility that the agency acts in an illegal or unethical manner. Because collection agencies are involved in handling sensitive personal financial matters on a daily basis, these bonds are considered higher-risk obligations and require a credit check.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Connecticut Collection Agency Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

What Does the Bond Protect Against?

The bond requires that the agency shall faithfully account for all funds entrusted, collected and received in the capacity as a consumer collection agency. Any person who may be damaged by the wrongful conversion of any creditor, consumer debtor or property tax debtor funds held by the principal, may file a claim against the bond to recover damages.

The surety has the right to cancel the bond at any time by a written notice to the obligee, stating the date cancellation shall take effect. Such notice shall be sent by certified mail to the obligee at least thirty (30) days prior to the date of cancellation.

List of Connecticut surety bonds.

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