The State of Arizona requires many different kinds of surety bonds to allow professionals, contract workers, and companies to conduct business. For instance, collection agencies operating within the state must carry surety bond coverage to adhere to Title 32, Chapter 9 of the Arizona Revised Statutes. Mortgage brokers are required to be bonded within Title 6, Chapter 9, Article 1 of the state’s Revised Statutes.
If you need a license or fidelity bond to operate your business in Arizona, NNA Surety Bonds can help. We’ve been providing bonds to companies and individuals across the United States since 1957.
Appraisal management companies in Arizona are required to carry a $20,000 surety bond in order to maintain proper business licensure. AMC bonds are available for a low premium rate of $200 per year for applicants with good credit.
Variable in size based on your agency’s gross annual income, a collection agency bond is required by the Arizona Department of Financial Institutions for licensing purposes. The annual premium for an AZ debt collector’s bond ranges from $100 to $350 depending on the bond amount needed and your financial credentials.
The Arizona contractor’s license bond is required if you alter or construct any structure. This bond protects the client from financial loss if you fail to fulfill your financial responsibilities in the event of a judgment. Premiums for AZ contractor bonds vary from $100 to $1,000 depending on the coverage amount required and your credit rating.
Buying a home is expensive. That’s why a $100,000 surety bond is required for escrow agents in Arizona. The bond offers protection for your clients in the event of financial harm, and it carries an annual premium of $1,000. Multi-year discounts are available from NNA Surety Bonds ($1,750 for two years or $2,500 for three years).
Mortgage brokers in the Grand Canyon State are required to post a mortgage broker bond in order to become fully licensed and certified. You must maintain bond coverage of $10,000 or $15,000 to be in compliance with state regulations.
|Bond Name||Coverage Amount||Cost
|Appraisal Management Company (AMC) Bond||$20,000||$200||Arizona Department of Financial Institutions, Real Estate Appraisal Division|
|Collection Agency Bond||$10,000-$30,000||$100-$350*||Arizona Department of Financial Institutions|
|Contractor’s License Bond||Varies||$100-$1,000*||State of Arizona Registrar of Contractors|
|Escrow Agent Bond||$100,000||$1,000||Arizona Department of Financial Institutions|
|Mortgage Broker Bond||$10,000/$15,000||$100/$113||Arizona Department of Financial Institutions|
* Cost can vary depending on the bond amount required and your credit rating
Our knowledge of Arizona surety bond requirements enables us to provide accurate quotes quickly. For guidance through the process of selecting surety bonds in Arizona, whether you are starting a business or renewing an existing bond, talk to one of our experts today.