Texas Third-Party Debt Collector Bond

Texas Third-Party Debt Collector Bond

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. 

PURCHASE BOND

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.

What Is the Cost of the Texas Debt Collector Bond?

At Jet, you can purchase the $10,000 Third-Party Debt Collector Bond for the guaranteed price of $50 for one year or just $5 a month. This is by far the lowest rate available! Take advantage of purchase directly from the carrier.

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. 

Bond TermCost
Monthly$5
1 Year$50
2 Years$88
3 Years$126
Texas Debt Collector Bond Pricing

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!

The Texas Third-Party Debt Collector Bond Process With Jet

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
Registration Unit
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. 

How Can I Avoid Third-Party Debt Collector Bond Claims in Texas?

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.

Texas Third-Party Debt Collector Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: