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Indiana Collection Agency Bonds

What is an Indiana Collection Agency Bond?

Indiana Collection Agencies making a licensing application to the Securities Commissioner of the State of Indiana are required by the provisions of the state law to furnish a surety bond (called a Collection Agency Bond), typically in the penal sum of $5,000. The bond obligates the collection agency to faithfully comply with the provisions of the law and to reimburse anyone damaged financially due to the failure of the collection agency to comply with the provisions of the law. Any damaged person may bring an action against the bond but the aggregate liability of the surety company to all damaged parties is limited to the penal sum of the bond.

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