Texas Third Party Debt Collector Bond
Texas Debt Collector / Collection Agency Bond Information
Texas third party debt collectors and credit bureaus must furnish a surety bond as security in accordance with Section 392.101 of the Texas Finance Code. A third party debt collector or credit bureau can not conduct the business of debt collection unless the entity has filed the $10,000 surety bond with the state of Texas. The bond must be issued by a surety company that is authorized to do business in Texas such as Surety Bonds Direct and its partner carriers. The surety bond guarantees that the third party debt collector or credit bureau discharges all obligations, duties and responsibilities under Chapter 392, Texas Finance Code. Anyone harmed by the bonded entity's failure to meet the conditions of the surety bond may bring an action to recover against the surety bond. The debt collector bond runs continuously until cancelled by 60 days written notice of intent to cancel to the Texas Secretary of State, Statutory Documents Section.