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Indiana 00873- Collection Agency Bond

Category:
Secretary of State - Blue Sky - Securities
State:
Indiana
Control #:
IN-SD-873
Format:
PDF
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Description

00873- Collection Agency Bond

Indiana 00873- Collection Agency Bond is a bond required of all collection agencies in the state of Indiana. It is a financial guarantee of the Principal (collection agency) to the Obliged (state of Indiana) and it ensures that the Principal will comply with all applicable laws and regulations in regard to the collection of delinquent debts. The bond amount is determined by the Indiana Department of Financial Institutions and can range from $10,000 to $100,000. The bond must be renewed annually. There are two types of Indiana 00873- Collection Agency Bonds: Standard Surety Bond and Fidelity Bond. The Surety Bond provides financial assurance that the collection agency will fulfill its obligations according to the terms of the bond. The Fidelity Bond provides protection from losses due to employee dishonesty or theft.

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FAQ

How much interest can a collection agency charge? The answer is simple: whatever was outlined in the agreement. If the interest rate was 5% when you signed a credit card agreement, then collections agencies can most likely charge the same amount, but nothing more.

United Collection Bureau Partnership The Indiana Department of Revenue (DOR) contracts with United Collection Bureau, Inc. (UCB) as a legal collection agent who are authorized to collect delinquent tax liabilities, including applying levies, wage garnishments, etc.

A debt collector may not collect any interest or fee not authorized by the agreement or by law. The interest rate or fees charged on your debt may be increased if your original loan or credit agreement permits it and no law prohibits the increase, or if state law expressly permits the interest or fee.

Ing to Indiana law, creditors or debt collectors can charge debtors for breach of unwritten contracts within six years after the cause of action accrues. This provision applies to credit card debts, rent, damages resulting from detention of personal property, and recovery of personal property.

Indiana law, as in most other states, limits the amount of interest a creditor can charge. The limit and default is 21 percent for unsupervised consumer loans, and eight percent of judgments.

A collection agency bond is sometimes also called a debt collector bond, and it's a specific kind of surety bond, which guarantees that you will observe all the appropriate rules and regulations of your profession in the conduct of your operations.

In Indiana, the statute of limitations by judgment is ten years, but it can be renewed, further extending the collection period. This means once a creditor makes a charge against the debtor, the judgment is collectible for up to ten years.

Indiana Statute of Limitations on Debt Medical Debt ? 6 years. Credit Card Debt ? 6 years. Auto Loan Debt ? 4 years. State Tax Debt ? 10 years.

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