Are you looking to operate as a collection agency in Arizona? If so, you will need an Arizona Collection Agency Bond. This article provides a comprehensive guide on the bond and how Cornerstone Surety Bonds can simplify the process for you.
Understanding the Arizona Collection Agency Bond
The Arizona Collection Agency Bond is a mandatory requirement set by the Arizona Department of Financial Institutions (AZDFI) for all collection agencies operating within the state. The bond serves as a financial assurance to the AZDFI that collection agencies will fulfill their obligations to their clients promptly and in accordance with the statutes.
Even though the license is applied for online through NMLS, the bond is still a paper bond, not an electronic bond. The state has their own bond form that they require for collection agencies, mortgage brokers, money transmitters, among others.
Cornerstone Surety Bonds is here to streamline your bonding requirements. We offer fast and efficient bond writing services, allowing you to focus more on your operations and less on administrative tasks.
Amount and Cost of the Arizona Collection Agency Bond
Arizona Collection Agency Bonds range in amount from $10,000 to $35,000, depending on the annual income generated from all business transacted in Arizona during the preceding year. The cost of the bond varies depending on a variety of factors but is generally less than 1% of the overall bond amount. With Cornerstone Surety Bonds, you can obtain these bonds quickly and at competitive rates.
Purpose of the Collection Agency Bond
The primary objective of the Arizona Collection Agency Bond is to ensure that the licensee faithfully remits funds to their creditors and abides by the relevant Arizona statutes.
Renewing Your Bond
With Cornerstone Surety Bonds, renewing your Collection Agency Bond is effortless. We will notify you regarding the renewal of your bond via email. You just need to confirm if the bond amount needs to change, pay the invoice, and your bond is renewed.
The Arizona Collection Agency Bond is an essential requirement for collection agencies operating in Arizona. Cornerstone Surety Bonds offers a streamlined process for obtaining and renewing these bonds, helping you save time and focus on your business. We are committed to reducing your burden and stress, providing reliable and efficient solutions for your surety bond needs.