A person needs to be licensed as a debt collector in this State if the principal purpose of their business is the collection of any debts directly or indirectly owed or due or asserted to be owed or due another. A license is required if the debt collector is located in Maine or if the debt collector, wherever located, attempts to collect debts incurred between a Maine resident and a business located in Maine. In addition, a license is required if the debt collector engages in face-to-face solicitation of creditors in this State as clients, or if the debt was originally incurred in Maine.
A bond must accompany each application. The terms of the bond must run concurrent with the period of time during which the license will be in effect. The size of the bond varies with the type of debt collection and the Gross Collections on behalf of Maine creditors each year. A new applicant undertaking direct collections must obtain a bond in the amount of $20,000.00. A new applicant that limits their activities to repossessions or residential property preservation needs a $15,000.00 bond. A letter writing company must obtain a $5,000.00 bond.
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Beginning October 1, 2023, debt collector and repossession company licensees may transition their licenses to the NMLS. The transition to NMLS for these licenses is required by December 31, 2023. We expect residential property preservation company licensees to transition in 2024. CLICK HERE for for general information about transitioning your license or registration to NMLS. CLICK HERE (Trusted Partner Link) to access NMLS license transition checklists. Click the button below (trusted partner link) to visit the NMLS Resource Center.
Debt collectors are individuals and agencies that collect debts owed to others, such as a bank, attorney, landlord, or other business or individual. The Fair Debt Collection Practices Act (FDCPA) is a federal law that governs how debt collectors (including a bank that collects its own debt under another business name) operate and prohibits debt collectors from using unfair or deceptive practices to collect debts. Your state laws may offer additional protections.
Under the FDCPA, certain debt collection practices are permitted. For example, a debt collector can contact your friends, neighbors, and co-workers, but only to find out your home address, phone number, and work address.
When applying for a debt collector license or third party loan servicer registration, the DOB recommends reviewing all applicable laws, regulations, and regulatory bulletins prior to submitting an application.
Iowa does not license debt collectors. However, debt collectors who collect over $66,400 (effective 1/1/2023) (SEE Iowa Code 537.1301(15), 537.1301(47), and 537.6201(2)) a year (all accounts, not just Iowa accounts ) are required to file notification with the Attorney General of Iowa and pay a $50 annual fee.
Our office vigorously enforces the Iowa Debt Collection Practices Act. We strongly urge all debt collectors to become familiar with this law and to consult with private legal counsel, as necessary, before beginning collection activities in Iowa.
Debt collectors who fail to file notification with the Office of the Attorney General and pay the appropriate fee may be subject to late fees of $75, as well as a possible civil action in which the administrator may recoup interest, the costs of the action, and a penalty not exceeding the greater of $1,000 or three times the fee owed.
The definition of consumer debt under Iowa law is quite broad and includes a variety of debts other than consumer credit transactions.
Debts that often fall under this definition include, but are not limited to:
2. Collect over $66,400 in total debts in the previous or current calendar year (based on the aggregate amount of debt collected from all sources, not just Iowa accounts) (TILA (Truth in Lending Act) yearly figure)
Example: Debt collector collected $70,000 in debts last year, but only $5,000 was from Iowa debtors. This debt collector would still be required to file notification with the Office of the Attorney General and pay the annual fee.
Please note that the Iowa Debt Collection Practices Act does not apply solely to third party collectors; it also applies to creditors collecting their own debts. While most creditors collecting their own debts are not required to file notification as a debt collector, they must comply with the substantive requirements of the Iowa Debt Collection Practices Act.
Attorneys who act as debt collectors are required to file notification. Law firms whose attorneys act as debt collectors and collect over $66,400 a year must file notification with the Iowa Attorney General.
Under recent changes to Minnesota law, debt buyers must now be licensed in Minnesota. The license required is a collection agency license. Please see this FAQ for a description of requirements and procedures. The associated session law can be viewed here.
Use this form to notify the Minnesota Department of Commerce that your licensed collection agency has one or more affiliated companies that meet this entire definition: Affiliated Company means a company that: (1) directly or indirectly controls, is controlled by, or is under common control with another company or companies; (2) has the same executive management team or owner that exerts control over the business operations of the company; (3) maintains a uniform network of corporate and compliance policies and procedures; and (4) does not engage in active collection of debts.
Each collection agency must establish procedures to screen each of its debt collectors prior to submitting the renewal payment. The screening process for the renewal of a debt collector registration must include a national criminal history record search, and a county criminal history search for all counties where the individual has resided for the immediate preceding year. Screening for renewal of individual collector registrations must take place no more than 60 days before the registration expiration or renewal date. A renewal screening is not required if an individual collector has been subjected to an initial background screening within 12 months of the first registration renewal date. A renewal screening is required for all subsequent annual registration renewals.
Renewing debt collector registrations and collection agency licenses is done through the Collection Agency and Debt Collector Mass License Renewals service described below. The renewal period ends June 30 at 4:30 PM CDT.
With the exception of certain attorneys acting on behalf of their clients, a person who directly or indirectly engages in debt collection, including a person who sells or offers to sell forms represented to be a collection system, device, or scheme intended to be used to collect consumer debts.
No, but third-party debt collectors and credit bureaus are required to file a $10,000 surety bond with the secretary of state before engaging in debt collection. Tex. Fin. Code. 392.101. The bond must be in favor of the State of Texas for the benefit of any person damaged by any violation of Chapter 392, Finance Code. Id.
Engaging in debt collection without filing a bond with the secretary of state is a violation of Chapter 392 and may also be a criminal offense. Tex. Fin. Code 392.402. The attorney general or a district or county attorney may investigate an alleged violation of Chapter 392. If you notify the secretary of state, this office will notify the third-party debt collector or credit bureau of the bond filing requirement and, if necessary, refer the matter to the attorney general for investigation. Please report the names of any third-party debt collectors and credit bureaus that do not have bonds on file to:
The secretary of state is a filing officer for third-party debt collector and credit bureau bonds and does not have authority to regulate the business practices of third-party debt collectors or credit bureaus. The secretary of state cannot resolve disputes about services or investigate business practices of a third-party debt collector or credit bureau.
You may also report any problems that you have with a third-party debt collector or credit bureau to the Federal Trade Commission. The FTC is authorized to take action against a third-party debt collector or credit bureau who violates the federal Fair Debt Collection Practices Act. Complaints with the FTC may be filed online or by calling 1-877-382-4357.
For additional information about filing a debt collection bond, please call (512) 475-0775. You can find further information relating to consumer rights from the Office of the Texas Attorney General or the Federal Trade Commission.
The Consumer Credit Fairness Act of 2021 strengthens consumer protections by requiring debt collectors to be more transparent and honest when communicating with consumers. In her letter to the industry, Attorney General James warned debt collectors of their duties under federal and state law: be457b7860
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