If you are engaged in the operation of a collection agency in Massachusetts you are required under chapter 93, sections 24 to 28 of the General Laws of Massachusetts to file a Massachusetts Collection Agency Bond as a condition of licensure.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Massachusetts Collection Agency Bond holds you accountable for your business decisions.
By possessing a Massachusetts Collection Agency Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.