Arkansas Collection Agency License Bond
The Arkansas State Board of Collection Agencies are responsible for the licensing of all businesses operating in the state as a collection agency or collector. By definition a collector is "any person who uses any instrumentality of interstate commerce, including but not limited to the mails or other mode of contact, in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another."
As part of the licensing, all Collection Agencies are required to post and maintain a surety bond pursuant to A.C.A. §17-24-306 in the amounts as set forth below;
Agencies with five (5) or less collectorsmust post a bond in the amount $10,000.00
Agencies with six (6) to twelve (12) collectors must post a bond in the amount of $20,000.00
Agencies with thirteen (13) or more collectors must post a bond in the amount of $25,000.00
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