Florida Commercial Collection Agency Bond

Florida requires a $50,000 commercial collection agency bond to collect debts. You file it with the Florida OFR. You can set it up online.

Bond Amount
$50,000
Typical Premium
$500–$2,500/yr
Term
1 Year
Required By
Florida Office of Financial Regulation (OFR)
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What Is the Florida Commercial Collection Agency Bond?

A Florida commercial collection agency bond is a money guarantee. It protects the people you collect from, not you. If you break collection rules or fail to hand over money you collected, they can claim against it. The surety pays, then you repay the surety.

In Florida, the bond is $50,000.

Who Needs This Bond in Florida?

How to Get Bonded — Step by Step

  1. Apply for your Florida collection license.
  2. Buy your commercial collection agency bond here. Most quotes come back fast.
  3. File the bond to the Florida OFR.
  4. Get your license and start collecting.

Renewal & Continuous Bond Coverage

Florida collection licenses renew each year. Keep your bond active the whole time. Start before it expires so you do not lose your license.

Frequently Asked Questions

Who needs the Florida bond?

Commercial (business-to-business) collection agencies. Consumer collectors sign up a different way.

Does the Florida bond protect me?

No. The bond protects your customers and the state, not you. If a claim is paid, you repay the surety. It is not insurance for you.

How fast can I get bonded in Florida?

Most quotes come back fast, often within a day. Many bonds are issued the same day for good credit.

How much does the bond cost?

You pay a yearly premium — a small percent of the bond amount. Your rate depends mostly on your credit.

How a Surety Bond Works

A collection agency bond is a type of surety bond. The picture below shows the three parties and what happens if someone files a claim.

Diagram of how a surety bond works: the obligee requires the bond, the principal applies and signs an indemnity agreement, and the surety issues the bond; if the principal fails, the obligee files a claim, the surety investigates and may pay, and the principal reimburses the surety.

Ready to get your Florida Commercial Collection Agency Bond?

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Related: All Florida surety bonds · What is a surety bond? · How surety bond costs are calculated

Underwriting Disclosure. All surety bond applications are subject to underwriting review and approval by the issuing surety company. Quoted premiums are estimates only; final pricing is determined by individual underwriting factors, which may include personal and business credit history, financial statements, industry experience, and claims history. Many bonds qualify for instant online approval, while others may require additional documentation, financial review, or indemnitor signatures prior to issuance. SuretyBondly makes no representation, warranty, or guarantee of approval, eligibility, premium amount, bond form, or issuance timing. Bond amounts, forms, and requirements are governed by the applicable obligee and statutory authority and may change without notice. Information provided on this page is for general informational purposes only and does not constitute legal, financial, or tax advice.