A license and $25,000 surety bond is required from those engaged in consumer debt collection* from California residents. The law goes into effect on 1/1/2022, but applications are now being accepted through the NMLS website. The bond must be filed on the NMLS website within 10 days of execution
Insurance companies are currently issuing these bonds in preparation for next year's requirements. Contact us today or submit a form today for further instructions on how to secure these bonds.
The California Department of Financial Protection and Innovation (DFPI) website provides information on the new license requirement:
https://dfpi.ca.gov/debt-collectors-faq/
To apply fill out the application and email us at zmosby@orrandassociates.com
If you have questions call Zachary Mosby at 951-395-0167 or fill out the form below
*In-state or out-of-state individuals or businesses who are engaged in debt collection from California residents and may need the bond:
- Consumer debt collectors
- Consumer debt buyers
- Composers and sellers of debt collection forms and media