Any licensed debt collection agency in Maryland has until Dec. 31, 2023, to increase their Maryland Surety Bond to $50,000. ACA’s Bond Unit is working with ACA bond participants to ensure this requirement is met by the deadline.
09/26/2023 2:40 P.M.
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The bill eliminated requirements for collection agencies and certain non-depository financial institutions to maintain separate licenses for branch locations and authorizes them to conduct business at multiple licensed locations under a single license.
It also changed other requirements and provisions governing the licensing and regulation of collection agencies and certain non-depository financial institutions, including applications, assessments and bond requirements.
Now, the Maryland Department of Labor has stipulated that all collection agency licensees are to hold a minimum $50,000 Maryland Surety Bond.
ACA’s Bond Unit has been in discussion with the Maryland Department of Labor, and they have mandated that collection agency licensees must meet this requirement before the renewal of their license on Dec. 31, 2023. The Collectors Insurance Agency bond unit will be working with each program participant to complete the increases by the deadline.
If you have any questions about how ACA’s Bond Unit can assist you with your bonds, please contact us at [email protected] or call (952) 926-6547.
For more information on how the ACA licensing staff can assist with your licensing application completion needs, please contact us at [email protected] or call (952) 926-6547.