Florida — Commercial Collection Agency Bond
Use this $50,000 continuous bond for a Florida commercial collection agency registration with the Office of Financial Regulation (OFR). It secures the agency's obligations under Chapter 559, Part V, Florida Statutes. Confirm that your registration is for commercial collection before ordering.
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- Recorded state
- Florida
- Category
- Financial services
What this bond does
This bond serves to protect credit grantors who may suffer financial damage due to unlawful or fraudulent collection activities. It provides a legal mechanism for affected parties to seek restitution for losses resulting from an agency's failure to adhere to state laws and administrative rules.
- Who needs it
- Commercial collection agency owners and operators required to register with the Florida Office of Financial Regulation.
- Who it protects
- The agency and surety are jointly and severally bound to the Financial Services Commission as head of OFR, for the benefit of credit grantors. A credit grantor damaged by unlawful or fraudulent collection practices, or failure to comply with Chapter 559, Part V, its rules or lawful OFR orders, may sue on the bond. The surety's aggregate liability is $50,000.
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
Have these ready
- Verify your status as a commercial collection agency under Section 559.543(2), Florida Statutes.
- Ensure your documentation includes the exact $50,000 bond amount required by the state.
- Obtain signatures from both the principal and surety, ensuring the principal's signature is witnessed.
- Prepare to file a copy of the executed original bond with OFR at application and each registration renewal.
Questions about this bond
What is the required amount for this bond?
The Florida Commercial Collection Agency Bond must be written in the amount of $50,000.
Who is protected by this surety bond?
The bond is held for the use and benefit of any credit grantors who may suffer damages from unlawful or fraudulent collection practices.
Can the surety cancel the bond?
Yes. The surety must serve written notice on both the principal and OFR by U.S. certified mail, and cancellation takes effect 30 days after service. Earlier covered obligations remain.
Is this a continuous bond?
Yes. It continues subject to the form's termination provisions. The surety may use the 30-day cancellation route. If the agency stops collecting commercially, future liability ends when the surety receives the principal's certified-mail cessation notice, while prior liability remains.