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Why is a California Debt Collection License Bond Required?
The Commissioner of the Department of Financial Protection and Innovation of the State of California requires this surety bond under the provisions of the Debt Collection Licensing Act of California.
Debt collection agencies are involved in handling sensitive personal financial matters on a daily basis. The surety bond ensures compliance with all provisions of the Debt Collection Licensing Act and of all rules, regulations and orders lawfully made by the Commissioner.
This requirement pertains to bonded principal and any employee or agent representing the principal and working at any location.
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