If you operate a collection agency, motor vehicle dealership, or title agency in the state of Idaho, you'll need to have a surety bond in the proper amount set by your industry's regulatory authority.
While many bonds are required at the state level, you should be aware that several cities in Idaho require surety bonds as well. For example, Boise requires bonds for security alarm installers, Pocatello requires contractor license bonds, and Twin Falls requires private security agency bonds.
To make sure you're in compliance with Idaho bonding regulations, talk to one of our specialists. NNA Surety Bonds has been providing affordable policies to companies and individuals across the United States since 1957.
Idaho collection agencies must post a $15,000 surety bond to the ID Department of Finance along with your license application. Annual premiums for this debt collector bond start at $150.
Should a collection agency mishandle personal information, fail to report and pay collections to clients, or otherwise violate the terms of the bond agreement, money from the bond can be used to compensate the affected party. You, as the bond principal, must then repay that amount to your surety company.
New and used motor vehicle dealers in Idaho must provide a surety bond as a licensing requirement when applying to the state's Transportation Department. The amount of the bond depends on what you're selling and whether it's a retail or wholesale business.
|Type of Dealership||Bond Amount|
|Retail dealers selling only ATVs, UTVs and snowmobiles||$10,000|
|All other retail dealers||$20,000|
Your cost for an Idaho auto dealer bond will depend on the size of the bond and your credit score. Nevertheless, it will be a small percentage of the full bond amount.
To work as a title agent in Idaho, you'll first need an escrow surety bond. The amount of this bond is set by the ID Department of Insurance according to the following rules:
The bond can be tapped to pay damages sustained by the public if the title insurance agent or escrow officer fails to comply with the provisions of section 41-2704(3) of the Idaho Code. Actions that are prohibited include fraud, dishonesty, forgery, theft, and willful misapplication of funds. Should a payout occur, you would be responsible for repaying the full amount to the surety company.
|Bond Name||Coverage Amount||Cost*
|Collection Agency Bond||$15,000||$150||Idaho Dept. of Finance|
|Motor Vehicle Dealer Bond||$10,000/$20,000/$40,000||$100/$200/$400||Idaho Transportation Dept.|
|Title Agency Bond||$10,000–$50,000||Varies||Idaho Dept. of Insurance|
* Cost can vary depending on the bond amount required and your credit rating
Our knowledge of Idaho bond requirements allows our team to provide accurate quotes quickly. For guidance through the process of selecting or renewing surety bonds for your business, talk to one of our experts today.