The 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.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.