Who requires it
State Collection Agency Licensing Board
License & permit · Maryland
Maryland Collection Agency Bond
Maryland collection agencies licensed by the State Collection Agency Licensing Board must file a continuous surety bond under Business Regulation Article § 7-304. The statute lets the Board set each licensee’s amount anywhere from $50,000 to $1,000,000. The Board’s November 2024 guidance states that every licensee must carry $50,000—while reserving the right to require more later.
Common bond amount
$50,000
Board currently requires $50,000 for all licensees; statute allows $50,000–$1,000,000 if the Board orders a higher amount.
How you file
File through NMLS with the State Collection Agency Licensing Board
Renewal
Stays in force while licensed; 90-day cancel notice; claims can be filed for three years after cancel or license end; confirm Board amount in NMLS
Who requires it
Applicants and licensees for a Maryland collection agency license under Business Regulation Article Title 7. Older materials mentioning a $5,000 amount are obsolete after the statutory range and Board determination moved to a $50,000 minimum framework.
How much is required
Section 7-304(j) establishes a band of not less than $50,000 and not more than $1,000,000, set by the Board after considering business volume, financial condition, operations, management, control persons, and other relevant factors. The Office of Financial Regulation’s November 12, 2024 advisory reports the Board’s current determination: $50,000 for all licensees, subject to future increases within the statutory range.
How to get and file it
Order a continuous collection agency surety in the exact licensed name for the Board-required amount (currently $50,000 unless your NMLS license items show a higher Board amount). File through the Maryland collection agency NMLS process so the bond runs to the State Collection Agency Licensing Board. Keep coverage in force while licensed. Cancellation needs certified-mail notice to the Board and is effective only 90 days after receipt. Claims can be filed for three years after the later of cancellation or license end. If a claim reduces the bond, restore it to the required amount. Watch NMLS license items for any Board-ordered increase above $50,000.
Cost note
Fifty thousand dollars is the required bond amount, not the premium you pay. See bond amount vs premium. Bond amount vs premium →
Requirement checklist
- Current Board amount
- $50,000 for all licensees (per Nov. 2024 OFR advisory)
- Statutory range
- $50,000–$1,000,000 as determined by the Board (Bus. Reg. § 7-304(j))
- Who requires it
- State Collection Agency Licensing Board
- Filing
- NMLS collection agency license / renewal process
- Obsolete figure
- Prior $5,000 amount is not the current Board requirement
Official sources
Frequently asked questions
Why do some older Maryland pages still say $5,000?
That figure predates the current Business Regulation § 7-304 range and the Board’s determination that every licensee carry at least $50,000. Use the statute and current Board/NMLS amount—not archived $5,000 checklists.
Can the Board require more than $50,000?
Yes. The statute allows any amount from $50,000 up to $1,000,000. The Board’s 2024 guidance sets $50,000 for all licensees now and warns that a higher amount may be required later.
Related Maryland bond guides
Mortgage Lender Bond
$50,000–$750,000
Maryland licenses mortgage brokers, lenders, and servicers under a single mortgage lender framework administered by the Commissioner of Financial Regulation. Financial Institutions Article § 11-508 requires a continuous surety running to the Commissioner—between $50,000 and $750,000—for the benefit of the State and borrowers harmed by licensing-law violations. The Office of Financial Regulation publishes Maryland-only volume tiers for brokering/lending and for servicing portfolios; when both apply, the higher amount controls.
Credit Services Business Bond
$50,000–$200,000
Maryland credit services businesses—firms that, for a fee, help consumers improve credit records or obtain extensions of credit—must be licensed and bonded. Commercial Law § 14-1908 requires a surety under Financial Institutions Article Title 11, Subtitle 3. Subtitle 3 licenses are processed under Subtitle 2 rules, including the § 11-206 surety of $50,000 to $200,000 set by the Commissioner of Financial Regulation. Confirm the amount currently shown on the Credit Services Business NMLS checklist for your company.
Money Transmitter Bond
$150,000–$2,000,000
Maryland money transmitters licensed under the Maryland Money Transmission Act must maintain a surety device with the Commissioner of Financial Regulation. Financial Institutions Article § 12-412 sets the amount at the greater of $150,000 or 100% of the firm’s average daily money transmission liability in Maryland for the most recently completed calendar quarter, not to exceed $2,000,000. A qualifying deposit can substitute for the surety bond.
Surety basics (not repeated here)
Universal surety concepts explained once—linked here instead of repeated on every state or bond page.
Continue with a Maryland application
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Last verified 2026-08-11. This guide is based on verified educational content and official sources.
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