Any person engaging in the business of a debt collector, or engaging in soliciting the right to collect or receive payment for another of an account, bill or other indebtedness. Required when: Required as a condition of obtaining and maintaining a Debt Collector License from the Commissioner of Banks. Exemptions: Bank…
Overview
What it is.
Any person engaging in the business of a debt collector, or engaging in soliciting the right to collect or receive payment for another of an account, bill or other indebtedness. Required when: Required as a condition of obtaining and maintaining a Debt Collector License from the Commissioner of Banks. Exemptions: Bank…
Who usually needs it
Any person engaging in the business of a debt collector, or engaging in soliciting the right to collect or receive payment for another of an account, bill or other indebtedness.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateMABond amount$25,000Term lengthContinuousObligeeMassachusetts Division of BanksRenewalThe bond remains in effect for an indeterminate period but must be maintained as part of the annual license renewal process through the Nationwide Multi-State Licensing System (NMLS).Bond classLicense BondCategoryFinancial ServicesBondDebt Collector BondStatutory referenceM.G.L. c. 93, § 24A; M.G.L. c. 93, § 25JurisdictionState
