Florida Collection Agency Bonds
What is a Florida Collection Agency Bond?
Collection Agency Bonds (also called a Debt Collector Bonds) in the amount of $50,000 are required in Florida per CCA: Consumer Collection Agencies – Chapter 559 Part VI, Florida Statutes. The registration authorizes the agency to collect or attempt to collect consumer debts owed or due to another person, including third party collectors (assignee) of debts made by individual consumers. The bond protects consumers against the possibility that the agency acts in an illegal or unethical manner.
Why is a Florida Collection Agency Bond Required?
This surety bond protects third party individuals and the State of Florida by ensuring that the commercial collection agency complies with the provisions of Chapter 559, Part V, Florida Statutes, and any rules, amendments or lawful orders issued now or hereafter by the State of Florida, Office of Financial Regulation, or its successors.