Nebraska Collection Agency Bond Overview
- Purpose: To protect people from harm if a collection agency breaks licensing regulations
- Who Needs It: All collection agency owners in Nebraska
- Regulating Body: The Nebraska Secretary of State – Collection Agency Licensing Board
- Bond Amount: $5,000, $10,000 or $15,000 — based on number of solicitors
- Premium Price: $100 for up to 15 solicitors, or $150 for 16+ solicitors
What Is a Nebraska Collection Agency Bond?
A Nebraska collection agency bond protects consumers and clients by guaranteeing that debt agencies comply with industry regulations. It provides a financial guarantee if bonded debt collectors fail to properly remit collected funds or break other rules.
Who Needs a Collection Agency Bond?
Any person or entity in the business of soliciting collection claims must be bonded to get a Nebraska collection agency license. The license authorizes third-party debt collection and direct or indirect collections for any non-mortgage debts.
Bond Coverage Requirements for Nebraska Collection Agency Owners
Under Nebraska Revised Statute 45-608, collection agency license applicants must file a surety bond in an amount based on the number of licensed solicitors they employ.
| Licensed Solicitors | Bond Amount |
|---|---|
| 0–4 | $5,000 |
| 5–15 | $10,000 |
| 16+ | $15,000 |
How Much Do Collection Agency Bonds Cost in Nebraska?
Nebraska collection agency bonds cost $100 per year, or $150 if you need the $15,000 bond. These bonds expire on December 31 each year, so your exact premium will be prorated based on the purchase date.
If you plan to hold your license for multiple years, you can select a multi-year bond term and save 25%. Select the bond coverage you need below to start your purchase.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Nebraska Collection Agency Bond Work?
All surety bonds are legally-binding contracts involving three parties:
- Principal: The collection agency owner(s) that purchases the bond
- Obligee: The state department that requires the bond
- Surety: The provider that issues the bond and backs the principal
By filing the bond, you agree to fulfill client agreements per state law. This includes accurately reporting net proceeds of all collections made within 45 days of each 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.
How Do I Get a Collection Agency Bond in Nebraska?
You can buy your Nebraska collection agency bond in minutes.
- Select the bond amount you need
- Provide your collection agency license name
- Enter your NMLS license number
- Complete the purchase
Once your payment has been processed, you’ll get an instant email confirmation with instructions on how to complete the bonding process in NMLS.
How Do I File My Bond?
The surety will upload your bond directly to NMLS. After purchasing, you’ll need to go into your account and authorize the surety to file. Be sure not to overlook this step!
We’ll provide a post-purchase email with more instructions or you can read this NMLS Filing FAQ for more information.
Can I Get Bonded With Bad Credit?
Yes, these bonds are issued at a flat rate with no credit check. Bad personal credit will not disqualify you from purchasing a collection agency bond in Nebraska.
How Do I Renew My Bond?
Nebraska collection agency bonds expire on December 31 annually unless you select a multi-year term. In that case, your bond will expire on December 31 of the second or third year, based on your term selection.
You’ll receive renewal reminders before the bond expires. Just pay the renewal invoice to maintain an active bond policy and avoid licensing issues.
Can I Update My Bond Form?
If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating the following information to match your licensing paperwork:
- Name
- Business address
- NMLS license number
How to Get a Collection Agency License in Nebraska
The Nebraska Secretary of State Collection Agency Licensing Board enforces licensing requirements for collection agencies. There are two separate applications for a branch license or standard company license.
You can contact the Collection Agency Licensing Board by emailing [email protected].
