Collection Agency - NMLS Bond - Statewide in Oregon

Brief Summary

The bond amount for an Oregon collection agency depends on where you are. Agencies with an Oregon location post a $10,000 bond, while out of state agencies with no Oregon location or trust account post $15,000. Either way the bond is filed electronically through NMLS, so once it is issued it goes straight into your Division of Financial Regulation application with no paper to mail.

Oregon requires collection agencies to register with the Division of Financial Regulation through NMLS and to file an electronic surety bond. ORS 697.031 sets the base bond at $10,000, and the Division requires $15,000 from a company located out of state that has no location or trust account in Oregon. The bond runs to the State of Oregon for the benefit of the state and anyone with a cause of action against the agency.

We can help with all Oregon bonds!

How to Apply for a Collection Agency - NMLS Bond:

• Decide which amount applies: $10,000 with an Oregon location, or $15,000 if located out of state with no Oregon location or trust account.
• Create or update your company record in NMLS and start the Oregon Collection Agency Registration.
• Have the legal company name and NMLS ID ready for the surety.
• Owner information for the surety's credit review.
• Pay the premium and have the surety file the electronic bond in NMLS.
• Pay the $350 registration fee through NMLS, and upload a Request for Waiver if you have no Oregon location.

Detailed Information About the Oregon Collection Agency - NMLS Bond:

Which amount applies to you

The Division of Financial Regulation uses two bond amounts. An agency with an Oregon location files a $10,000 electronic surety bond through NMLS. A company located out of state that has no location or trust account in Oregon files a $15,000 bond instead. Out of state agencies without a physical Oregon office also upload a completed Request for Waiver to NMLS, which waives the in-state location and trust account requirements.

Who has to register

ORS 697.005 defines a collection agency broadly, covering anyone who collects or attempts to collect debts owed to others and certain debt buyers. The statute carves out several groups, including employees of a registered agency, attorneys and accountants, banks and other financial institutions, real estate brokers and escrow agents in limited situations, property managers collecting rent, public utilities and public bodies. If you fall within one of those exclusions, check the statute carefully before assuming you need to register.

What the bond guarantees

Under ORS 697.031 the bond, or an irrevocable letter of credit, is executed to the State of Oregon for the use of the state and of any person who has a cause of action against the agency. It guarantees the agency will follow ORS 697.005 to 697.095 and the director's rules. The surety's total liability is capped at the bond amount no matter how long the bond is in force.

Fees and renewal

The Division lists a $350 registration fee paid through NMLS. All registrations expire December 31 every year, and NMLS serves as the official license record. Keep the bond active through each annual renewal.

Eligibility and Requirements for a Oregon Collection Agency - NMLS Bond:

• Electronic surety bond filed through NMLS.
• Bond amount of $10,000, or $15,000 for out of state agencies with no Oregon location or trust account.
• Bond executed to the State of Oregon for the use of the state and any person with a cause of action.
• Compliance with ORS 697.005 to 697.095 and the Division's rules.
• Annual renewal by December 31.

Oregon Collection Agency - NMLS Bond FAQs:

Official and Additional Resources for the Oregon Collection Agency - NMLS Bond: