Overview of Wyoming Collection Agency Bond Requirements
To collect any debt in Wyoming, other than business debt, you need to apply for a collection agency license. Along with your license application, you will need to submit a collection agency bond to the Collection Agency Board at the Division of Banking. The bond must be in an amount of $10,000.
The bond is required by the Board to guarantee that you will comply with the state rules and regulations that govern debt collection. It also guarantees that you will comply with any contracts or agreements you enter into with clients. This includes that you will pay and turn over to these clients any collections you make on their behalf, in accordance with the agreement you have.
Violations of these conditions can lead to a claim against your bond. Under a bond claim, compensation must be extended to claimants to cover for any losses they experience due to such violation. The maximum amount of compensation which the surety may extend in such a case is equal to the full amount of the bond, also known as its penal sum.
See below for more information regarding the cost of this bond, the bond conditions and how to get bonded.
If you want to know more about surety bonds, see our detailed ‘What is a surety bond’ guide!
Want to speak to someone instead? Call us at 866.450.3412 anytime!
Wyoming Collection Agency Bond Cost
To get bonded, you need to pay a surety bond premium which is equal to a small percentage of the total amount of the bond. The surety which issues your bond will determine your exact premium based on your credit score, your financial statements, your liquidity, assets and your resume.
Your credit score has the most significant impact on your bond premium, and the higher your score is, the lower your bond cost will be. A FICO score of 700 or more is considered as optimal by sureties, and applicants with such scores typically get some of the lowest rates.
You can get an estimate of your bond cost through our bond calculator as well a from the table below. You can also request a free and precise quote on your bond by completing our bond form. There are no obligations attached to requesting a quote!
Surety Bond Cost Calculator
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|Surety bond amount||Above 700||Between 650-699||Between 600-649||Below 599|
|Wyoming Collection Agency Bond||$10,000||$100-$150||$100-$250||$250-$500||$500-$1,000|
Bad Credit Bond Program
If you have bad credit but need a surety bond for your business - we can help!
Applicants who have low credit scores can apply for a bond through our Bad Credit Program. Though rates under the program are higher than for applicants with better credit, you can still get bonded and do business. And if you work on improving your credit score, you can also get increasingly better rates on your subsequent bonds!
Visit the program page to learn more, and to request a quote!
Claims Against Your Bond
A claim is typically made against a bond when the bonded party violates any of the conditions of the bond. The conditions of the Wyoming collection agency bond require collectors to comply in particular with 33-11-101 through 33-11-116 of the Wyoming Statutes, also known as the Collection Agency Act.
The Act details the practices, responsibilities and obligations that collection agencies in the state must follow. The bond further requires collectors to comply with any and all conditions of the agreements they have with their clients. In particular, this also means that they need to pay to their clients any collections they make for them, less charges for collection, as is specifies in their agreement.
By violating any of the above conditions and requirements, a collection agency can create a cause for a claim against their bond. If, through such a violation, the agency causes its clients any losses or harm, the aggrieved party can file a claim to request compensation. The surety that backs the bond must then investigate the issue and extend compensation if necessary.
Compensation that is extended under a bond claim can be any amount that is sufficient to cover for claimants’ losses, up to the full amount of the bond. But since bonds are more like lines of credit, any compensation that a surety extends must be repaid to it duly by the collection agency. In other words, by violating the bond agreement, an agency may end up being liable for up to $10,000. It is therefore always advisable to strictly comply with the conditions of your bond. If you do not violate your bond, you will only need to pay the bond premium.
Get a free quote on your bond by completing our bond application form. We’ll contact you shortly with your quote, along with more information about getting bonded.
It may take up to two working days for your bond to be issued. After that, we will send it to you via mail and email.
Want to know more about the bonding requirements in Wyoming? Call us at 866.450.3412!