Nebraska Collection Agency Bond
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How much does the Nebraska collection agency bond cost?
Nebraska collection agency bond costs start at $100 annually. Every applicant who needs a $5,000 or $10,000 bond amount pays just $100 for their annual premium. If your required bond amount is more than $10,000, your personal invoice will be provided after a quick application review.
How do I get a collection agency bond in Nebraska?
You can purchase your Nebraska collection agency bond online 24/7. Simply select the bond amount needed based on the number of solicitors your agency employs and provide your collection agency license name and NMLS license number for Secretary of State filing approval. Once your payment has been processed, your collection agency bond confirmation will be sent to your email instantly.
How fast can I get a debt collection agency license bond?
SuretyBonds.com offers instant Nebraska collection agency bond issuance 24/7. Purchase now to receive your bond confirmation in minutes by email.
*Note that the Nebraska Secretary of State requires your bond be electronically filed with the Nationwide Multistate Licensing System & Registry (NMLS).
What is the Nebraska collection agency bond?
Nebraska Revised Statute 45-608 requires collection agency applicants file a surety bond in an amount based on the number of licensed solicitors they employ.
- less than 5 licensed employee solicitors: $5,000 bond amount
- 5-15 licensed employee solicitors: $10,000 bond amount
- 16 or more licensed employee solicitors: $15,000 bond amount
The state's bond form is officially titled “Surety Bond - Collection Agency License” but is for reference only as each collection agency's surety company will electronically file their official bond directly with the Nationwide Multistate Licensing System (NMLS).
Why is a Nebraska collection agency license bond required?
By filing a Nebraska debt collector bond, you agree to fulfill client agreements according to state law, which includes accurately reporting net proceeds of all collections made during the preceding calendar month within 45 days after the close of each calendar month. If you fail to do so, your issuing surety company will pay valid claims to harmed individuals up to your full bond amount, which you must reimburse.
If you work as a debt collection agency in states other than Nebraska, we also offer collection agency bonds nationwide.
Who regulates licensing for debt collection agencies?
The Nebraska Secretary of State Collection Agency Licensing Board enforces licensing requirements and regulations for collection agencies. You can contact the Collection Agency Licensing Board by calling 1(402)471-8606 or emailing [email protected].
How do I update or change my debt collector bond form?
If the Nebraska Secretary of State requires your bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your name, NMLS license number, or required bond amount to match your licensing process paperwork.
How do I renew my Nebraska collection agency surety bond?
You must renew your Nebraska collection agency bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, renewal instructions will be sent to you to keep your bond active for your next collection agency license term as required by state law.
How do collection agencies apply for a license in Nebraska?
You must set up an account with the Nationwide Multistate Licensing System (NMLS), and complete the steps below to apply for your Nebraska collection agency license.
- Fill out an online license application on NMLS.
- Upload all required documentation.
- Purchase your Nebraska surety bond in the correct required bond amount.
- Pay all fees.
What can Nebraska collection agencies do to avoid claims against your bond?
To avoid claims against your debt collection agency bond, you must operate your business according to state law. You must avoid fraud when managing client accounts and accurately report the net processed collections you make during the preceding calendar month within 45 days after the close of each calendar month. If you fail to do so, your issuing surety company will pay valid claims to harmed individuals up to your full bond amount, which you must reimburse.
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