The state of Idaho implemented a new law regarding collection agency bond requirements. The new law, HB 451, modifies the permit and bonding requirements for collection agencies and debt/credit counselors. The prior law demanded a permit for agencies and counselors and a surety bond per every permit. HB 451 requires only one surety bond and has to be acquired as an alternative to two bonds as under previous law. The amount of the required bond was not altered. HB 451 was enacted on April 1st, 2008.
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.