Individuals and businesses who wish to provide debt collection services to the Texas public must file a $10,000 Third Party Debt Collector Bond with the Secretary of State’s office.
Jet Insurance Company offers the Third-Party Debt Collector Bond as a legal assurance to the Texas Secretary of State that the third-party debt collection business will perform all services up to regulation. If the debt collector commits a violation such as criminal malfeasance or fraud that results in financial damages to a client, the surety bond will act as a guarantee of restitution to cover such losses.
At Jet, you can purchase the $10,000 Third-Party Debt Collector Bond for the guaranteed price of $100 for one year or just $10 a month. Forget lengthy application processes and credit checks. Simply click the “Secure Your Bond” button above to purchase your surety bond!
If you are interested in additional payment plans, take a look at the chart below for Jet’s promised prices at monthly, annual, and multi-year bond terms.
Our monthly plan is exclusive to Jet and is a great option if you are looking to maintain the status of your Third-Party Debt Collector Bond for the long haul. All you need to do is set up your preferred account for monthly payments and your bond will remain active until cancellation is officially sought. It’s that easy!
Purchasing your Debt Collector Bond with Jet will take just a few minutes out of your day! All we ask is that you provide us with your contact details and payment information. Once you’ve purchased your bond, the Jet team will send you a receipt and copy of the bond form right away.
Jet can file the bond for you free of charge! However, if you would prefer to take care of this step yourself, this option may be selected at checkout. The original signed and sealed Third-Party Debt Collector Bond form must be submitted to the Texas Secretary of State at the following mailing address:
Secretary of State
PO Box 13193
Austin, TX 78711
If you enroll in Jet’s monthly plan, you won’t have to worry about renewing your bond. Your Debt Collector Bond will remain active as long as payments are made. If you purchased the bond in full and upfront, Jet will send you a renewal invoice prior to your expiration date by mail and email. Simply complete the standard payment due and your surety bond will remain in good standing with the Secretary of State’s office for another term.
As for cancelling your Third Party Debt Collector Bond, you can do so at any time with Jet. Just send us a written request to our email at [email protected] and we will begin the process. A termination notice must be sent to the Texas Secretary of State’s office, and once received, the liability of the bond will be released within 60 days.
Monthly plan enrollees are required to complete payments during the 60-day liability period as your bond is technically still active. All future payments will immediately cease once this last step has been taken care of. As for refunds for bondholders who purchased a multi-year plan and cancel early, the Jet team will send you a reimbursement for any unused premium once your bond has reached its official cancellation status.
Although there is no license or registration requirement for individuals and businesses who directly or indirectly engage in debt collection within the State of Texas, they are still regulated by the Secretary of State’s office and must comply with all ordinances set in the Texas Finance Code Chapter 392 (Texas Debt Collection Act). Failure to comply with these legal obligations may result in the Secretary of State or Attorney General’s office charging the guilty party with large fines and/or up to six months of jail time.
Among other things, the code prohibits debt collectors from using abusive or fraudulent collection tactics. For example, if a debt collector tries to collect more than the original amount agreed upon, the damaged party has the right to file an official complaint against the debt collector’s business, as well as seek civil action.
If a damaged client seeks civil action against your business and a Texas court rules in favor of the claimant, your Third-Party Debt Collector Bond may be used as restitution for losses incurred by the harmed party.
Immediately contact the Jet if your receive a court-order bond claim notice. We will begin the process by asking you to provide us with all information and documentation regarding the alleged transgression. Our team will utilize these details for our own investigation of the case.
Per the Texas Third-Party Debt Collector Bond form, Jet is legally obligated to payout justified claims up to the $10,000 limit. Payouts will never exceed the required bond amount. You, the debt collector business owner, are ultimately held responsible for your own actions and the actions of your employees. Therefore, you must reimburse Jet for the claim amount paid out on your behalf. An omission to fulfill this obligation will lead to difficulties in obtaining future surety bonds, specifically bonds that are required of you to work in the Texas financial industry.