What Is A Indiana Collection Agency Bond?
The state of Indiana requires all collection agencies to provide the state with a collection agency bond before being allowed to start or continue their business. These bonds are required by the state, otherwise known as the obligee, as a protection for debtors against the principal collection agencies to ensure that the agency does not commit fraud or unethical and illegal acts during the collections procedure.
It is illegal for collection agencies to practice without collection surety bonds therefore it is important that any agency become bonded before they begin offering their services to the public. All collections agencies will want to receive their bonds from a surety bond company experienced in handling collection agency bonds. This way they can rest assured that they are covered by their surety bonds and will not be held liable for any claims filed against them.
If you are interested in any type of surety bonding for you collection agency contact Ox Bonding right away and we will help you prepare and better serve IN customers.