Indiana Collection Agency Bond

Before you collect debts in Indiana, you post a $5,000 collection agency bond. File it with the Indiana Secretary of State. Most agencies handle it fast.

Bond Amount
$5,000
Typical Premium
$100–$500/yr
Term
1 Year
Required By
Indiana Secretary of State (via NMLS)
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What Is the Indiana Collection Agency Bond?

The Indiana collection agency bond stands behind how you run your agency. If you break debt-collection law or keep money that is not yours, harmed parties can file a claim. The surety covers it, and you repay the surety.

In Indiana, the bond is $5,000.

You need a separate bond for each office location.

Who Needs This Bond in Indiana?

How to Get Bonded — Step by Step

  1. Start your application in NMLS for your Indiana license.
  2. Buy your collection agency bond here. Most quotes come back fast.
  3. Submit the bond through NMLS for the Indiana Secretary of State.
  4. Once approved, get licensed and start collecting.

Renewal & Continuous Bond Coverage

Plan to renew your Indiana collection license every year. Do not let the bond lapse. A lapse can cost you your license.

Frequently Asked Questions

Does the Indiana 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 Indiana?

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. Good credit means a lower rate.

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.

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Related: All Indiana 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.