Category: License Bonds

May 12, 2021

How to Get a Collection Agency License in Nebraska

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Nebraska collection agency license bond needs. Learn how to get a collection agency license in Nebraska, below. What Collection Agency Licenses Are Issued in Nebraska? Every individual or business entity engaged in third-party debt collection in Nebraska must obtain a Nebraska collection agency license from the Licensing Board, which is part of the Nebraska Secretary of State’s office. What Are the Steps in the Licensing Process? The application for a collection agency license is available on the Secretary of State website. You’ll need to provide supporting documentation such as financial statements, business formation documents, personal references, and a list of the agency’s employees (solicitors and collectors) to be licensed. You’ll also need to purchase a Nebraska collection agency license bond in an amount that’s based on the number of solicitors and/or collectors working for the agency: Fewer than five requires an amount of $5,000 Five to fifteen requires an amount of $10,000 More than sixteen requires an amount of $15,000 The Board reviews...

Read more

By SEO Team

0

May 12, 2021

How to Get a Collection Agency License in North Carolina

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your North Carolina collection agency license bond needs. Learn how to get a collection agency license in North Carolina, below. What Collection Agency Licenses Are Issued in North Carolina? North Carolina’s Department of Insurance licenses collection agencies, including debt buyers who purchase consumer debts and collect them for a profit. What Are the Steps in the Licensing Process? All debt collector agency licenses are now processed through a system called Clarus, which recently replaced the North Carolina License Management System. You’ll need to take the following steps: Make sure you meet the eligibility requirements Complete the license application Obtain required supporting documents, Purchase a North Carolina collection agency license bond Pay the processing and licensing fees (currently totaling $1,048) Submit everything for approval Why is a North Carolina Debt Collection Agency License Bond Required? The amount of the North Carolina debt collector bond you’ll need to purchase depends on where your business is located. For North Carolina (domestic) debt collectors, the required bond amount...

Read more

By SEO Team

0

May 12, 2021

How to Get a New York State Collection Agency License

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your New York State collection agency license bond needs. Learn how to get a New York state collection agency license, below. What Collection Agency Licenses Are Issued in New York State? As of late 2020, New York now licenses collection agencies at the state level. The licensing requirement applies to everyone collecting consumer debt from residents of the state of New York. This includes attorneys and legal firms that collect consumer debt and those who purchase debt and collect it for a profit. Interestingly, the local collection agency licensing laws that were in place prior to the implementation of state-level licensing have not been repealed. So, if you operate as a debt collection agency based in New York City, Buffalo, or certain other municipalities, or if you collect debts from residents in those jurisdictions no matter where in the state your agency makes its home, you will still need to obtain a collection agency license in that jurisdiction as well. What Are the Steps...

Read more

By SEO Team

0

May 10, 2021

Money Transmitter License Requirements: Everything You Need to Know

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your money transmitter bond needs. Below, we’ll discuss everything you need to know about money transmitter license requirements. Who Needs a Money Transmitter License? In general, money transmitting involves sending money within the United States or to another country on behalf of someone else for a fee. It is classified as a type of money service business (MSB). The specific definition of a money transmitter varies by state, as do the licensing requirements. Every state requires licensing of money transmitters except for Montana, which requires that they go through the state’s business registration process. Money transmitters that operate in multiple states will need to be licensed in each of them. How Do I Get a Money Transmitter License? Although the specific licensing requirements and steps differ from one state to another, they typically involve the following: Registering the business with state tax authorities Completing a license application Documenting a certain net worth Passing a criminal background check Paying application and licensing fees Purchasing a...

Read more

By SEO Team

0

May 10, 2021

How to Get a Washington State Collection Agency License

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Washington collection agency license bond needs. Learn how to get a Washington state collection agency license, below. What Collection Agency Licenses Are Issued in Washington State? Washington requires all individuals and business entities operating as debt collectors anywhere in the state to obtain a collection agency license. You’ll need a license even if you’re a creditor collecting your own debt using a fictitious name to do so. Regardless of the state in which your business is domiciled, you must be licensed as a Washington debt collection agency if any of your clients (debt owners) or the debtors you’re seeking to collect from are located in Washington. What Are the Steps in the Licensing Process? Applications for a Washington State collection agency license are submitted (preferably online) and processed by the Washington Department of Revenue, Business Licensing Services. It’s a two-part process. The first step is to obtain a business license, and the second is to add a collection agency endorsement. A Business Licensing...

Read more

By SEO Team

0

May 10, 2021

How to Get a Collection Agency License in Texas

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Texas collection agency license bond needs. Learn how to get a Texas collection agency license, below. What Collection Agency Licenses Are Issued in Texas? Texas does not issue licenses to collection agencies, but that doesn’t mean that debt collection in Texas is unregulated. Chapter 392 of the Texas Finance Code prohibits unlawful and unethical debt collection practices by third-party debt collectors, which may be cause for civil litigation and possible criminal penalties. A third-party debt collector is any individual or entity that collects or attempts to collect debts on behalf of the original creditor. What Are the Requirements to Work as a Debt Collector in Texas? Texas debt collectors don’t need to obtain a license or register with the state. However, the Texas Secretary of State requires debt collectors to purchase a collection agency surety bond, more accurately referred to as a Third Party Debt Collector bond, in the amount of $10,000. Operating as a debt collector in Texas without being bonded is...

Read more

By SEO Team

0

May 10, 2021

How to Get a Florida Collection Agency License

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Florida collection agency license bond needs. Learn how to get a Florida collection agency license, below. What Collection Agency Licenses Are Issued in Florida? The Florida Office of Financial Regulation (FLOFR), specifically the Division of Consumer Finance, licenses collection agencies to operate within the state. There are two types of collection agency licenses, one for consumer collection agencies and one for commercial collection agencies. While consumer collection agencies are licensed to collect only consumer debt and a certain amount of third-party consumer debt, collecting commercial claims requires a commercial collection agency license. What Are the Steps in the Licensing Process? Prior to applying for licensure as either a consumer or commercial collection agency, you’ll need to register your business properly with the state. The applications and licensing requirements for a consumer collection agency differ in some respects from those for a commercial collection agency. The primary differences include the license fees (currently $200 for consumer and $500 for commercial) and the $50,000 license...

Read more

By SEO Team

0

May 10, 2021

How to Get a Contractor’s License in Indiana

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Indiana contractor license bond needs. Learn how to get a contractor’s license in Indiana, below. What Contractor Licenses Are Issued in Indiana? The only contractors licensed at the state level in Indiana are plumbing contractors. All other contractors, both general and specialty, are licensed by the municipalities in which they operate. What Are the Steps in the Licensing Process? The local licensing process varies by jurisdiction, but they all involve providing proof of general liability insurance. If the contractor has employees, they also must provide proof of workers’ compensation insurance. They also typically involve providing letters of reference and agreeing to a criminal background check. Some municipalities require applicants for a general contractor or specialty contractor license to pass a written exam while others don’t. Some require a contractor license bond and others don’t. When a contractor license bond is required, it’s typically in the amount of $5,000, $10,000, or $20,000. Why Is a Contractor License Bond Required? An Indiana contractor license bond...

Read more

By SEO Team

0

May 10, 2021

How to Get a Contractor’s License in Alabama

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Alabama contractor license bond needs. Learn how to get a contractor’s license in Alabama, below. What Contractor Licenses Are Issued in Alabama? Alabama contractors and subcontractors are required to be licensed by the Alabama Licensing Board for General Contractors if they work on commercial jobs valued at $50,000 or more or residential jobs of $10,000 or more, including the cost of labor and material. You may be able to continue working under a license from another state—specifically Arkansas, Louisiana, Mississippi, or Tennessee—if you were licensed in that state for three consecutive years. A licensed subcontractor can bid on a job as a general contractor but must obtain a general contractor’s license before beginning to work on the job. Alabama also issues licenses in several construction specialties. What Are the Steps in the Licensing Process? Before you apply for an Alabama contractor’s license, you need to have registered your business with the Alabama Secretary of State if you will be operating as anything other...

Read more

By SEO Team

0

May 10, 2021

How to Get a Contractor’s License in Tennessee

Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Tennessee contractor license bond needs. Learn how to get a contractor’s license in Tennessee, below. What Contractor Licenses Are Issued in Tennessee? The Tennessee Code Annotated establishes the definitions for the various types of contractor licenses issued by the Tennessee Board for Licensing Contractors. Tennessee contractor licenses are broadly categorized in terms of the size/value of projects the contractor is allowed to work on: Projects Under $25,000 Projects Over $25,000 Home Improvement Contractor license Prime/General Contractor license Limited Licensed Electrical Subcontractor license Limited Licensed Plumber Construction Management license Be aware that certain municipalities require contractors working in the jurisdiction to obtain a local license or permit in addition to a license issued by the state. What Are the Steps in the Licensing Process? In general, obtaining a state-level contractor’s license in Tennessee involves: Passing the Tennessee Business and Law exam Providing proof of workers’ compensation and general liability insurance Submitting an audited or reviewed financial statement to document net worth and operating capital...

Read more

By SEO Team

0