Maine repossession bonds.
From $100.
Maine licenses repossession companies as debt collectors, and 32 M.R.S. §11032 requires each licensee to maintain a surety bond. The Bureau of Consumer Credit Protection sets $15,000 for a new repossession applicant, scaling with collection volume at renewal. The premium is 1% of the bond amount, $100 minimum.
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How much does a Maine repossession bond cost?
1% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
No underwriting queue — enter your amount, pay, and file with the Bureau. Here is the whole thing:
Apply online
Business details, the bond amount the Bureau set, an effective date, and a term. That is the application. No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
Pay & e-sign
This bond is checkout-priced at 1% of the bond amount ($100 minimum), so it issues the moment you pay — your executed bond and power of attorney generate on the spot.
File with the Bureau
Your executed bond arrives by email, ready to file with your debt collector license at the Bureau of Consumer Credit Protection. Wet-ink original mailed on request.
What it is and who needs it.
What the bond actually guarantees
Maine treats repossession companies as debt collectors under the Maine Fair Debt Collection Practices Act (Title 32, Chapter 109-A) and licenses them through the Bureau of Consumer Credit Protection. Under 32 M.R.S. §11032, each licensee files and maintains a surety bond in the amount the administrator determines reasonably necessary to safeguard the public — the Bureau's schedule starts a repossession-only applicant at $15,000, with renewal amounts tiered by average monthly Maine collections up to $50,000.
It's a three-party arrangement: you (the principal), the surety carrier, and the State of Maine (the obligee). The bond stands behind your handling of repossessed collateral and collected funds — accounting for and delivering property and remitting sums due — so consumers and creditors harmed by a violation have recourse.
It is not insurance for you — if the surety pays a claim, you repay the surety. This form is continuous until canceled: the surety must give written notice to cancel, and cancellation never affects liability for anything that happened before it. We track the bond and send renewal notices 60 and 30 days out.
You need this bond if you're
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with the Bureau. Your executed bond arrives by email, ready to file with your debt collector license at the Bureau of Consumer Credit Protection. Wet-ink original mailed on request.
What sets the price
The premium is 1% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued instantly.
These are the actual issuing fields — business details, your bond amount, an effective date, and a term. That is the application.
Start the application →Common questions.
Other Maine bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Finish your repossession license today.
1% of the bond amount, $100 minimum, issued the moment you pay. Free until issued.