What You Need to Know for North Carolina Bond Renewals:
North Carolina is the only state which requires two separate bonds for the collection agency license. One bond is variable and can range from $10,000 to $30,000 while the other bond is fixed at $10,000. Both are required for each location seeking licensure or renewing their license. If a company is incorporated internationally, this rule changes slightly. The variable bond ranges from $20,000 to $60,000 while the second bond must be fixed at $20,000.
The only exception to the two-bond rule is for companies who are incorporated in North Carolina. In those cases, only one domestic bond is required.
The North Carolina renewal deadline is fast approaching! All bond continuations must be submitted with license renewal documents by June 30, 2018. If you have questions about your North Carolina bonds, let Cornerstone Support help guide you. Our bond department can ensure that your company always has exactly what is needed in a timely manner for collection agency license renewals in all 50 states!