Who needs the collection agency bond?
In the State of Maine, debt collectors and repossessors are required to obtain a bond for each business location (including any branch offices) in order to be in compliance with Title 32, M.S.R.A., Sections 11001 to 11054.
Maine debt collector bonds have staggered expiration dates based on applicant names:
Applicants with names beginning with letters A through M: July 31st, even numbered years.
Applicants with names beginning with letters N through Z: July 31st, odd numbered years.
What is the collection agency bond?
The debt collector/repossession bond protects the party requesting the surety bond, the Obligee, against any financial losses as a result of poor financial choices, damages, unethical decisions, or a failure to adhere to state and local laws on the part of you, the Principal. By obtaining your bond, you are telling the Obligee that you can be trusted and that you stand by your business decisions.
The bond amount required depends on the licensee's gross collections on behalf of Maine creditors during the previous calendar year:
GROSS COLLECTIONS PER MONTH
BOND AMOUNT REQUIRED
Between $30,000 & $40,000
Between $20,000 & $30,000
Between $10,000 & $20,000
If you are new in business, your bond will be $20,000 if you undertake direct collections.
A new debt collector whose activities are limited to repossessions need a bond in the amount of $15,000. When your initial license comes up for renewal, your new bond penalty will be based on the rubric above.
A $5,000 bond is required for letter writing companies that make no direct collections.
The Maine debt collector/repossession bond is also known as: third-party debt collector bond, debt collector bond, consumer collection agency bond, repossessor bond, letter writer bond, debt letter writing bond, and collection agency bond.
What else do I need to obtain or renew my license?
The Maine Department of Professional and Financial Regulation also requires applicants to submit the following documents with their application:
Not sure what else you might need to get licensed or renewed? Check out the requirements here!
I have everything I need. What now?
Debt collectors will submit the original signed and notarized bond form to the following address:
Maine Department of Professional and Financial Regulation
Consumer Credit Protection
35 State House Station
Augusta, ME 04333
The Consumer Credit Protection Division may be reached by phone at (207) 624-8527 or (800) 332-8529.
Get bonded within one business day!
Only Ashton Agency can provide you with:
Every Maine debt collector needs a bond, but by contacting the Ashton Agency, you can be sure you'll be getting the best price available, not to mention our stellar customer service and insider knowledge of the industry. We've been helping dealers get bonded for more than 45 years. Let us put that experience to work for you today!
Call us now at (800) 451-4854 for a free quote and we will contact you within 24 hours. We can assist you over the phone to ensure you receive your bond quickly and easily!
Don't have time to speak on the phone? Please fill out our easy online application and fax to (407) 678-2468. We can get you started right away!