A Collection Agency Bond is a type of surety bond required by the Tax Commissioner of the State of West Virginia for licensed collection agencies as described in Chapter 47, Article 16, of the Official Code of West Virginia of 1931. The Collection Agency Bond d Principal guarantees compliance with the provisions of Chapter 47, Article 16, of the Code of West Virginia, and the rules and regulations adopted by the state. The bonded agency is obligated to properly account for and pay damages as required in the Code and regulations, protecting the State of West Virginia or an individual customer from losses due to the failure of the collection agency to pay such damages.
