DBAs may all have to carry a surety bond for Texas
Date: Mon, 10/22/2007 - 09:38
I got a letter from an MKM Acquisitions. I decided to go look them up to see if they have a bond as required by Texas and they did not. So I do a bit more digging and find out they are one of the many DBA’s of Palisades, an oh-so-joyful collection company. Well, Palisades has a bond so I decided to call the surety company and ask them that if all DBA’s are covered or just Palisades. They would give me no definitive answer, finally just asked me to write a letter about it.
I decided to call MKM and see what they said. Went through the whole yadda yadda from them. They then admitted that the account was from 1997. Heh. They tried to say they could still collect and such, then I informed them about Texas law and they have no surety bond. He quickly offered to close the account and send me a letter stating that. Hmm.
So I am now wondering if all these companies must have a bond, seems to me that it may be so. Definitely worth keeping in mind for those of you in Texas.
I decided to call MKM and see what they said. Went through the whole yadda yadda from them. They then admitted that the account was from 1997. Heh. They tried to say they could still collect and such, then I informed them about Texas law and they have no surety bond. He quickly offered to close the account and send me a letter stating that. Hmm.
So I am now wondering if all these companies must have a bond, seems to me that it may be so. Definitely worth keeping in mind for those of you in Texas.
Wow, goldenblast. That is some good information to have. Good fo
Wow, goldenblast. That is some good information to have. Good for you to catch the attempt on an old debt, too. :-)
You can sue them in Texas up to the amount of the surey bond, $1
You can sue them in Texas up to the amount of the surey bond, $10,000 for trying to collect. I'm not sure, but I think Texas was a state which recently raised the amount of small claims to $10,000 or 15,000. I'd check on this if I were you. That would be easy.
