collateral

[Harley]

I had to deposit $1,000.00 for collateral when I received my bond. Now I have sold my business. How long will it take to have my collateral returned.

[Phillies]

Depending upon the Collateral Agreement that you signed, it could be 6 months to two years. In recent years, the agreements have been written with a 12 month period. This means that 12 months AFTER the cancellation date of the bond, Surety will begin the collateral return process. They need to verify with the State that there hasn't been any claim activity toward the bond before they release funds. Keep in mind that if you have moved since you closed the business, your new address will be needed. Collateral is returned to the original address on file by Certified Mail and can not be forwarded.