Florida Consumer Debt Collection Agency Bond

FloridaFlorida State presented new legislation relating to consumer debt collection agencies. The new law is titled SB 2086 and requires consumer debt collection agencies to acquire a surety bond in relation to the present registration requirements in a quantity established by regulations. The surety bond can be no less than $50,000 but no more than $1 million and the policies will calculate the amount required by the agency’s business volume. The surety bond must be in favor of the State for the advantage of consumers harmed by the agency’s disobedience of the legislation. The surety’s aggregate liability would be restricted to the surety bond’s penal sum.