Orange County Debt Collector Bonds Expert
Expenses, Fines, and Fees Levied by the CA Commissioner are Covered by Debt Collector Bonds.
Debt Collector Bond Questions?
We Start Your Quote & Call You
Expert Debt Collector Bond Tips
The State of California requires that all finance lenders & debt collectors maintain a California Finance Lenders Surety Bond.
Who is Required to Secure this California Finance Lender and Debt Collector Bond
All persons applying for a California Finance Lender license are required to post and maintain a surety bond in the amount of $25,000 (California Financial Code Section 22112). A finance lender is defined as any person engaged in the business of making consumer or commercial loans. In addition, the finance lender must also maintain a net worth of $25,000 at all times.
California Finance Lender and Debt Collector Bond Requirement Specifics
The California Finance Lender and Debt Collector Bond is required by the State of California to be used for the recovery of expenses, fines, and fees levied by the commissioner in accordance with this division or for losses or damages incurred by borrowers or consumers as the result of a licensee’s noncompliance with the requirements of this division.
Who is Protected Under Orange County Debt Collector Bonds
The California Finance Lender and Broker Bond is payable to Commissioner of Corporations and protects any person who sustains a loss caused by the Finance Lender. Furthermore, any person who sustains an injury covered by this bond may, in addition to any other remedy he or she may have, bring an action in his or her own name upon this bond for the recovery of any damages sustained.
Once You Have Your California Finance Lender Bond
Once the California Finance Lender Bond has been approved and released to the applicant’s care, it must be filed with the Department of Corporations. Specifically, the Department of Corporations will maintain the bond, which must remain effective at all times to prevent the revocation of the Finance Lender License.
If for any reason the bond is suspended or canceled, the license will be suspended until the bond is restored or is replaced.
Customer Testimonials
Coffer went the extra mile to make sure I was insured. They had a team member meet me at my dealership, an hour from their office, with proof of insurance so I could take delivery. Incredible service! Needless to say, I moved all of my insurance business to Coffer.
I have been with Coffer for many years. They offer excellent customer service and their rates are unbeatable! Not only do they have those qualities, but when it comes to a claim they are unsurpassed. They are on top of everything until the end. I would not go to any other insurance agency.
Just spent time getting my policies straightened out with Coffer. They have been so helpful, professional and friendly. This is the agency we will be with me for years to come. Thanks you!
I have worked with Coffer for over 10 years and have always received top notch service. They have always been so helpful with my questions and policies. I would highly recommend Coffer Insurance for any and all of your insurance needs.