Washington Collection Agency Bonds
What is a Washington Collection Agency Bond?
Collection Agencies in Washington must furnish a surety bond as a precondition to receiving and maintaining a license. The license holder must keep the surety bond in full force and effect through all licensing periods. The Collection Agency Bond is required by the Department of Licensing of the state of Washington in accordance with the provisions of the Revised Code of Washington. The surety bond guarantees that the license holder will comply with all rules and regulations adopted by the Director of the Department of Licensing, all the provisions of Chapter 19.16 RCW of the State of Washington, and will pay all amounts that may be adjudged against license holder for code or rule violations pertaining to conduct of the license holder’s business as a Collection Agency or Out-of-State Collection Agency.