Florida Consumer Debt Collection Agency

FloridaThe State of Florida presented a new bill relating to consumer debt collection agencies. The new bill, which is referred to as SB 2086, requires consumer debt collection agencies to acquire a surety bond in relation to the present registration requirements in a quantity that will be established via regulations. The previous law stated that the surety bond could not be any less than $50,000 or greater than $1 million; the bond amount must by calculated by the agency’s business volume. The surety bond must run to the State for the advantage of clients who suffered damages as a result of the agency’s breach of the legislation. The surety’s aggregate liability is restricted to the surety bond’s penal sum.