Maryland — Collection Agency - NMLS Bond
Maryland collection agency applicants file a bond with the State Collection Agency Licensing Board as part of licensing. Use the Board-required amount and the agency's NMLS company record when ordering. A bond purchase does not issue the collection agency license.
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- Recorded state
- Maryland
- Bond type
- Collection Agency Bond
- Category
- Financial services
What this bond does
The bond is conditioned on compliance with the Maryland Consumer Debt Collection Act and other laws applicable to consumer debt collection. It supports the licensing requirement and provides protection for specified losses caused by the applicant or its agents or employees.
- Who needs it
- Businesses applying for Maryland collection agency licensure at their principal executive office, including purchasers collecting consumer claims acquired in default. Other locations conducting Maryland business must be disclosed under the principal office's license; they do not each receive a separate location license.
- Who it protects
- The Board is the obligee for the benefit of the State and members of the public who suffer loss or other damage from a violation of the licensing title or Maryland Consumer Debt Collection Act. A claimant, or the Board for a claimant or the State, may file a claim with the surety. Administrative enforcement by the Board is not a prerequisite to surety liability.
Your bond option
This is the option on record for this bond.
- Bond optionPurchase Now (opens in a new tab)Continue to our secure checkout partner, Propeller (opens in a new tab).
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
- Maryland Business Regulation 7-304 (opens in a new tab)Checked October 27, 2026
- Maryland collection agency licensing (opens in a new tab)Checked October 27, 2026
- Maryland collection agency licensure advisory (opens in a new tab)Checked October 27, 2026
Have these ready
- Use the principal executive office's legal applicant name and NMLS company ID.
- Obtain the Board-required bond amount rather than defaulting to the statutory minimum.
- Coordinate NMLS Electronic Surety Bond submission with the issuing surety.
- Prepare the required NMLS disclosure of other locations conducting Maryland business.
Questions about this bond
Does each Maryland-business location need its own license?
The current State guidance requires the license for the principal executive office. Other locations may conduct Maryland business under that license if disclosed to the Board. Upload a new location list when a location opens, closes or moves, or its trade name changes.
Must the Board take enforcement action before a bond claim?
No. The statute expressly says administrative enforcement by the Board is not a prerequisite to surety liability. The loss must still fall within the bond's statutory protection.
Does cancelling the bond immediately end the surety's liability?
No. Cancellation is not effective until 90 days after the Board receives the required notice. The statute also continues liability for three years after the later of cancellation or the agency ceasing to be licensed.