Oregon Mortgage Lender Bond

Oregon Collection Agency Bond

The Collection Agency Bond is required for companies that wish to operate as collection agencies in the State of Oregon, pursuant to Oregon Revised Statutes (ORS) 697.005 to 697.115. Regulation is enforced by the Department of Consumer and Business Services (DCBS), Division of Financial Regulation, while all documentation is submitted through the Nationwide Multistate Licensing System (NMLS). 


A $10,000 bond is needed for Oregon-based collection agencies, and a $15,000 surety bond is required for collection agencies operating in Oregon without a physical location there. The bond is in place to protect the public and provide reimbursement for collection agency misconduct leading to financial damages.

Jet operates as a direct insurance company - no exploitive broker fees will be charged, and your bond will be ready in minutes.

What Is the Lowest Price for the Oregon Collection Agency Bond?

Jet offers the Collection Agency Bond for as low as $100! If you are in decent credit standing, you can qualify for the lowest rate as shown below. Even for the collection agency owners with challenged credit, Jet is the best option to get the lowest price.

Oregon Collection Agency Bond Cost
Term Cost
Monthly $10
1 Year $100
2 Years $175
3 Years $250

The primary advantage of choosing Jet is the ability to pay for your bond online in minutes. Other carriers can take days or even a week to get you an approved rate, and even then you are often not able to receive the bond directly online.

What Classifies a Business as a Collection Agency in Oregon?

In general, a collection agency is an entity that collects debt for third-parties. The Oregon DCBS classifies the following as collection agencies:

Further definitions, and those that are exempt, are found in ORS 697.005.

How Are Oregon Collection Agency Bonds Filed?

All you have to do is choose Jet as your surety company within the NMLS, and the rest is taken care of for you. The NMLS sends you notifications throughout the bond process to keep you updated. Check out the NMLS electronic surety bond filing process below.

NMLS Bond Filing Process

Not only is the filing process completed in the NMLS, but if any changes are needed on the bond Jet can easily manage it in the system. Need a new bond limit? Jet will update it in the NMLS. Move to a new business address? Let us take care of recording that. 

How Does Cancellation of the Collection Agency Bond Work?

With Jet you can request cancellation of the bond at any time and receive a prorated refund for time left on the bond. Jet doesn’t charge cancellation fees or hold any commissions, like other carriers do. Upon receiving your request, Jet will submit for cancellation within the NMLS; the DCBS will also be notified at this time. After a 30-day period required by the DCBS, the bond will be cancelled following notification. If you choose the monthly payment plan, the funds will stop coming out of your account after the 30-day waiting period due to the surety company and collection agency both still being responsible during that 30-day period.

How Can Collection Agency Bond Claims Be Avoided?

Collection agencies notwithstanding provisions in Oregon Revised Statutes 697.005 to 697.115 can have a claim filed on their bond; a few examples of bond claims include: 

  • Sharing consumer debt information with a third party
  • Falsifying claim amounts to earn more money
  • Adding interest fees not authorized by the state

Any person that incurs financial loss due to dishonest collection agency actions can pursue an injunction. The damaged party can recover losses suffered or $200, whichever is larger. 

The DCBS may investigate complaints filed against collection agencies and will generally give the licensee a chance to correct the dispute prior to pursuing any disciplinary action. Civil penalties of up to $1,000 per violation may be charged if the collection agency is found in violation of ORS Chapter 697. 

What Happens If I Get a Bond Claim?

Jet defends the licensee as best as possible. If the claim comes directly from the regulatory agency, the DCBS, the complaint has been thoroughly investigated and there is little Jet can do but accept the claim brought against us.

If a claim comes from the public to Jet, we have 45 days to investigate the claim upon receiving notice from the DCBS. The more responsive you are in this process, the better. If found legitimate, Jet will pay out the bond claim up to the bond’s full limit. 

You are still responsible to pay Jet back in the event of a claim payout, however. The bond is a guarantee by the surety company to compensate a damaged party. However, unlike insurance, the surety bond is an extension of credit protecting the public from collection agencies, meaning that if it is used for a payout, it must be paid back. Ultimately collection agencies remain responsible for their actions and are held accountable for their actions.

The DCBS has authority to revoke or suspend the license at any time if they consider it necessary to protect the public. 

What Is the Purpose of the Collection Agency Bond? 

The surety bond is a regulator tool, utilized by the DCBS as a final guarantee for the public if they experience financial loss due from collection agencies. Collection agencies act as the middleman between the lender or creditor and the public, and dishonest individuals have the opportunity to commit fraudulent actions. Due to stringent rules put in place by the DCBS and the good nature of most people, dishonest activity rarely occurs with collection agencies. 

There are certain unlawful actions that the public should be aware of as the collection agency does deal with large amounts of money. The surety bond is reassurance to the public that they will be reimbursed for financial damage if the collection agency does not act ethically while conducting business.

How Does Jet’s Application Process Work? 

Jet takes pride in our online bond process, simply because the application should just take minutes to get you the bond you need. We are not fans of unnecessary questioning and delays that agents and brokers subject their customers to. Just make sure the information in our system matches up with the business information in the NMLS. 


How to Renew the Bond Collection Agency Bond in Oregon

There is essentially no renewal process with Jet. The Collection Agency Bond has to be updated annually within the NMLS, which Jet takes care of for you. With the monthly payment plan, charges will proceed to come out of your account as normal. If the bond limit fluctuates, or if other changes need to be made, let Jet know and update the information in the NMLS for you.

With the annual payment option, Jet will send you a renewal invoice and as long as payment is received on time the bond will be updated within the NMLS to ensure a smooth renewal process.

Oregon Mortgage Lender Bond Form