WHAT TO KNOW BEFORE GETTING STARTED?
Once you begin the Collection Agency license application process, you are going to need gather certain documents that will be required with your Collection Agency license application. The most common supporting documents are:
- 1 Articles of Formation
- 2 Certificates of Good Standing
- 3 Corporate Financial Statements
- 4 Surety Bonds
- 5 Qualification Authority from the New State
Each state maintains its own list of required documents in order to obtain a Collection Agency license in that state, so more items may be required. If you do not have any of these documents we can also help you obtain them.
How Long Does it Take to Get a Collection Agency License?
The time for each state to process a Collection Agency license varies by the state licensing authority. Certain states take longer than others to process a Collection Agency license application. Call us to discuss the processing times of the specific states you are interested in.
What does it mean when a State is unregulated?
Each state varies when it does not have its own regulatory agency. Typically it means that a company must register to do business in this state but the Collection Agency Company does not need to obtain a separate, specialized collection agency license. Even if a State does not have a separate regulatory agency, this does not mean that the State does not have collection laws that must be followed. Federal law as well as individual State laws still dictate what actions a Collection Agency must follow. Both Federal and State laws must be complied with or else the Collection Agency risks civil and possibly criminal penalty and lawsuits.
Do individual employees have to have their own additional license?
Each state varies in its requirements for whether an individual employee must have a separate license. Most states do not require individuals to obtain their own license. Call us with the states are you interested in.