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Platinum Bonds Insurance Agency

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Debt Collector Bond

Any person or entity acting as a debt collector, repossessor, debt buyer, or letter-writing company as defined in the Maine Fair Debt Collection Practices Act. Required when: Applying for or renewing a debt collector license in the State of Maine. Exemptions: Officers or employees of a creditor; persons related by com…

Bond amount"For new applicants: $20,000 for direct collections; $15,000 for repossessions …
State or jurisdictionMaine
ObligeeMaine Bureau of Consumer Credit Protection

Essential point: Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.

Amounts can vary

Selected requirement: "For new applicants: $20,000 for direct collections; $15,000 for repossessions …. Other available requirements: "For new applicants: $20,000 for direct collections; $15,000 for repossessions or property preservation; $5,000 for letter writing. For renewals (direct collections), based on average monthly gross collections: >$40k requires $50k bond; $3…. Exact options still depend on the obligee, state, and underwriting.

Google icon5.0 ★★★★★Google review profileBBB iconBBB A+ AccreditedView the agency profile
2323 yearsHelping clients and agents
Overview

What it is.

Any person or entity acting as a debt collector, repossessor, debt buyer, or letter-writing company as defined in the Maine Fair Debt Collection Practices Act. Required when: Applying for or renewing a debt collector license in the State of Maine. Exemptions: Officers or employees of a creditor; persons related by com…

Who usually needs it

Any person or entity acting as a debt collector, repossessor, debt buyer, or letter-writing company as defined in the Maine Fair Debt Collection Practices Act.

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 depending on the specific bond type, state program, or underwriting requirements.

Your quote determines the actual premium.

Typical timeframe

Issuance timeframe varies by bond type and underwriting

Timing can change when underwriting needs more information.
Application details

How it works.

  1. Start the application

    Confirm the bond and provide applicant and business details.

  2. Review the quote

    See the terms and premium before deciding to continue.

  3. Pay and sign

    Complete the required payment and signatures.

  4. Receive the bond

    Get the issued bond and filing or delivery instructions.

Platinum Bonds

Experience behind every bond.

Helpful guidance, a real agency team, and a clear path from research to application.

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“Finally a company that understands what customer service is supposed to be.”

★★★★★

“My bond application was processed and received very quickly.”

★★★★★

“I highly recommend you do business with these folks.”

★★★★★
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BBB A+ Accredited

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23 years

Offering service to clients and agents alike.

Next step

Ready to move forward?

Start the secure application with this bond already selected, or ask Ava a question before you begin.

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