Form CA-643-002 Collection Agency or Out-of-State Collection Agency Surety Bond - Washington

What Is Form CA-643-002?

This is a legal form that was released by the Washington State Department of Licensing - a government authority operating within Washington. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form CA-643-002?A: Form CA-643-002 is a surety bond required for collection agencies or out-of-state collection agencies in Washington.

Q: Who needs to submit Form CA-643-002?A: Collection agencies or out-of-state collection agencies operating in Washington need to submit Form CA-643-002.

Q: What is the purpose of Form CA-643-002?A: The purpose of Form CA-643-002 is to provide a surety bond to ensure compliance with Washington state laws and regulations governing collection agencies.

Q: Do I need to renew the surety bond?A: Yes, the surety bond needs to be renewed annually to maintain compliance with Washington state requirements.

Q: What happens if I fail to submit Form CA-643-002?A: Failure to submit Form CA-643-002 can result in penalties and possible suspension or revocation of the collection agency's license.

Q: How much is the surety bond amount?A: The surety bond amount required varies based on the type of collection agency and the number of clients, typically ranging from $5,000 to $50,000.

Q: Can I use a cash deposit instead of a surety bond?A: No, Washington state requires collection agencies to obtain a surety bond as a form of financial security.

Q: Can the surety bond be cancelled?A: The surety bond cannot be cancelled without prior notification to the Washington State Department of Licensing.

Q: Are there any exemptions to the surety bond requirement?A: Certain entities, such as government agencies, attorneys, and banks, may be exempt from the surety bond requirement.