Collector - November 2017 - 19

COVER

T

hey may be on your radar or they may come out of the blue. Odds are, they will hit
at your busiest time of the month. Licensing audits are a fact of life for collection
agencies working in cities and states that require them to be licensed, yet it's still
easy to feel blindsided when they pop up.
To complicate things, many state licensing audits have increased in intensity and focus
as local regulators follow the Consumer Financial Protection Bureau's lead. Today state
regulators are interested in more than just your financials, putting a greater emphasis on
policies, procedures, consumer interactions and record keeping than they have in years past.
This in turn requires agencies to devote a significant amount of time and resources to each
audit or investigation.
Whether they are remote or on-site, licensing audits may be stressful but they are not the end of
the world. Here are a few tips to help make your life easier when state regulators come knocking.

CREATE A CALENDAR REMINDER
One proactive way to minimize the chances of being hit with an unscheduled audit is
to ensure your licensing renewal goes smoothly. If you're in charge of coordinating this,
calendar reminders can be your best friend. Put the renewal date for the state licensing
application on your digital calendar, and set up an automatic reminder 60 days in advance.
Your CMS might also offer this function.
Another tip: read the submission requirements for each state's licensing paperwork carefully.
Leslie Bender, Esq., chief strategy officer and general counsel for BCA Financial Services,
recounted a time she was charged with renewing a state license that expired June 30, only to
realize a few weeks prior to the deadline that regulators had asked to receive the paperwork 45
days before the license's expiration date.

19



Table of Contents for the Digital Edition of Collector - November 2017

Upfront
Industry News
Best Practices
FYI
Collection Tips
Making the Right Choice
Getting Your Ducks in a Row
Highlight Reel
Putting it all Together
Calendar
Honor Roll
On Call
Hire Purpose
CFPB Pursues Two Student Loan Servicers
Compliance
ACA SearchPoint
Last Word
Collector - November 2017 - Cover1
Collector - November 2017 - Cover2
Collector - November 2017 - 1
Collector - November 2017 - Upfront
Collector - November 2017 - 3
Collector - November 2017 - Industry News
Collector - November 2017 - 5
Collector - November 2017 - 6
Collector - November 2017 - 7
Collector - November 2017 - Best Practices
Collector - November 2017 - 9
Collector - November 2017 - FYI
Collector - November 2017 - 11
Collector - November 2017 - Collection Tips
Collector - November 2017 - 13
Collector - November 2017 - Making the Right Choice
Collector - November 2017 - 15
Collector - November 2017 - 16
Collector - November 2017 - 17
Collector - November 2017 - Getting Your Ducks in a Row
Collector - November 2017 - 19
Collector - November 2017 - 20
Collector - November 2017 - 21
Collector - November 2017 - 22
Collector - November 2017 - 23
Collector - November 2017 - 24
Collector - November 2017 - 25
Collector - November 2017 - Highlight Reel
Collector - November 2017 - 27
Collector - November 2017 - 28
Collector - November 2017 - 29
Collector - November 2017 - 30
Collector - November 2017 - 31
Collector - November 2017 - Putting it all Together
Collector - November 2017 - 33
Collector - November 2017 - 34
Collector - November 2017 - 35
Collector - November 2017 - Calendar
Collector - November 2017 - Honor Roll
Collector - November 2017 - On Call
Collector - November 2017 - 39
Collector - November 2017 - Hire Purpose
Collector - November 2017 - 41
Collector - November 2017 - CFPB Pursues Two Student Loan Servicers
Collector - November 2017 - 43
Collector - November 2017 - Compliance
Collector - November 2017 - 45
Collector - November 2017 - ACA SearchPoint
Collector - November 2017 - 47
Collector - November 2017 - Last Word
Collector - November 2017 - Cover3
Collector - November 2017 - Cover4
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