Connecticut — Consumer Collection Agency - NMLS Bond
Connecticut's consumer collection agency bond must account for $50,000 for the main office and $50,000 for each branch. The law makes a bond exception for an agency engaged solely in debt buying, without removing its licensing requirements. Confirm the agency's activities and covered offices before ordering.
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- Recorded state
- Connecticut
- Bond type
- Collection Agency Bond
- Category
- Financial services
What this bond does
The bond secures faithful accounting for funds entrusted to, collected and received by the licensee as a consumer collection agency. It also allows the Banking Commissioner to recover specified penalties, restitution and examination costs.
- Who needs it
- Consumer collection agencies requiring Connecticut main-office and branch licenses, including qualifying out-of-state agencies. The Department's licensing scope includes consumer-debt collection and specified property-tax and federal-income-tax collection. Agencies engaged solely in debt buying should confirm the statutory bond exception for their actual activities.
- Who it protects
- The bond is to the people of Connecticut. Anyone damaged by wrongful conversion of creditor, consumer debtor, property tax debtor or federal income tax debtor funds received by the agency may proceed against the principal, surety or both. The Commissioner has the specified enforcement recoveries, and aggregate liability cannot exceed the penal sum.
Your bond option
This is the option on record for this bond.
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The bond amount describes the limit of the bond obligation, not the price. A listed amount does not establish what the requesting party requires. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.
Sources
- Connecticut 2026 Supplement — section 36a-802 (opens in a new tab)Checked October 27, 2026
- Connecticut 2026 Supplement — section 36a-801 licensing (opens in a new tab)Checked October 27, 2026
- Connecticut Department of Banking consumer collection agencies (opens in a new tab)Checked October 27, 2026
Have these ready
- Identify the collection activities and whether the business is engaged solely in debt buying.
- List the main office and every branch requiring Connecticut coverage and licensing.
- Bring the NMLS company record and Department-required coverage arrangement.
- Prepare the CPA financial statement separately from arranging the bond.
- Resolve replacement or reinstatement before any existing bond's cancellation date.
Questions about this bond
Does a debt buyer's bond exception also remove the license requirement?
No. Section 36a-802 excepts an agency engaged solely in debt buying from this bond requirement. The agency still needs to meet the applicable licensing requirements. Confirm the exception against the actual business activities.
Is one $50,000 amount enough for all offices?
The statute specifies $50,000 for the main office and $50,000 for each branch. Provide the full office list and confirm the accepted coverage arrangement with the Department and surety.
Is the bond the same as the required tangible net worth?
No. They are different licensing requirements. For an applicant not engaged solely in debt buying, the CPA-prepared statement must evidence at least $50,000 tangible net worth independently of the bond.
Can I wait until after cancellation to replace the bond?
The statute calls for automatic license suspension on the cancellation date unless the required reinstatement or replacement is submitted beforehand, or the business has ceased and surrendered its license. Address the notice before that date and confirm the license status with the Department.