New Jersey Collection Agency Bond

To run a collection agency in New Jersey, you need a $5,000 collection agency bond. It goes to the New Jersey Division of Revenue. You can set it up online.

Bond Amount
$5,000
Typical Premium
$100–$500/yr
Term
1 Year
Required By
NJ Dept. of the Treasury, Division of Revenue
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What Is the New Jersey Collection Agency Bond?

Think of the New Jersey collection agency bond as a promise to follow the rules. Hurt a consumer or a creditor, and they can claim against the bond. You then repay the surety.

The New Jersey bond is set at $5,000.

Who Needs This Bond in New Jersey?

How to Get Bonded — Step by Step

  1. Apply to be licensed.
  2. Get your bond here — quick approval for most.
  3. File the bond with the New Jersey Division of Revenue.
  4. Get licensed and open for business.

Renewal & Continuous Bond Coverage

New Jersey collection licenses renew each year. Keep your bond active the whole time. Renew early so you do not lose your license.

Frequently Asked Questions

Does the New Jersey 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 New Jersey?

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 New Jersey Collection Agency Bond?

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Related: All New Jersey 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.