Collector – July 2019 - 56

Licensing Information at Your Fingertips
ACA's SearchPoint documents on state licensing requirements provide a compilation of state licensing laws.

O

btaining a collection agency license
can be a complicated process, and
while some states do not have
licensing requirements for debt collectors,
the majority of states do require some
form or license or registration process.
Licensing requirements vary considerably
from state to state. Thus, prior to obtaining
a license, debt collectors need to determine
not only which states require a license, but
also any potential licensing exemptions
for out-of-state debt collectors, bonds and
trust account requirements, and other
conditions of licensure such as in-state
office requirements.
Debt collectors must review state license
requirements with care, because certain
debt collectors may be exempt from a
given state's license requirement. In some
instances, in order to qualify for the out-ofstate licensing exemption, debt collectors
may not maintain a physical presence in
the state and may only collect debts by use
of interstate communications (typically
telephone, mail or fax). Some states may
also offer a reciprocity exemption for debt
collectors who are already licensed in a state
that features a similar reciprocity exemption
for debt collectors.
A number of states require a licensee
to maintain a trust account and/or an
in-state bond. The amounts required for
bonds varies by state, as do requirements
regarding whether trust accounts must be
maintained in a resident bank. Even states
with no trust account requirements may still
place obligations on how the debt collector
handles remittances to their clients.
The fees associated with licensing also
vary by state and can range from under $100
to over $1,000. When evaluating the cost
of a license, collectors should also consider
whether licenses are renewed annually or
extend for a longer period of time.
Because of the variation in state licensing
requirements, debt collectors should closely

56

review the particular license requirements
for each state in which they intend to collect.
Luckily, ACA compiles state licensing laws in
one place for its members. ACA's Interstate
Chart (ACA SearchPoint™ document #3005)
provides members an at-a-glance listing
of state license requirements, including
available exemptions. Other related ACA
SearchPoint™ documents surrounding
licensing requirements include documents
#1133, State Licensing/Registration Contact
Information and Fees; #2041, Trust
Account Information; #2035, State Manager

Requirements; #2019, State Registration
Requirements for Individual Collectors; and
#1160, State Branch and Resident Office
Requirements.
Have you checked out ACA's member-only
SearchPoint library? ACA SearchPoint is
filled with documents that put important
compliance information related to the
FDCPA, FCRA, TCPA, State laws and many
other topics at your fingertips. To access
ACA SearchPoint, visit acainternational.
org/searchpoint.

Built for start-ups. Scalable for growth.
Demo.Collect-Cloud.com | Collect.org

ACAINTERNATIONAL.ORG


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Collector – July 2019

Table of Contents for the Digital Edition of Collector – July 2019

Upfront
Industry News
Best Practices
FYI
Collection Tips
What you need to know about the CFPB’s proposed new rule for the debt collection industry
“I don’t know about you, but I’ve literally never received a telegram and wouldn’t even know how to send one.”
Celebrating 80 Years of Helping Members Succeed
How Does ACA Help Members Succeed?
A History of Advocacy
8 Decades of ACA’s Annual Convention
Calendar
Honor Roll
Education Spotlight
Tell It Like It Is: Washington Hears From ACA Members
Collectors Challenge 2019: Getting Creative for a Good Cause
Balance it Out
Balance Billing Challenges Continue
It’s All About You: Helping Members Succeed
Sandbox Rules
What is a Product Sandbox?
in 11th Circuit Case Examining What Constitutes an ATDS
ACA SearchPoint
Ad Index
Membership
Last Word
Collector – July 2019 - Cover1
Collector – July 2019 - Cover2
Collector – July 2019 - 1
Collector – July 2019 - 2
Collector – July 2019 - 3
Collector – July 2019 - Upfront
Collector – July 2019 - 5
Collector – July 2019 - Industry News
Collector – July 2019 - 7
Collector – July 2019 - 8
Collector – July 2019 - 9
Collector – July 2019 - Best Practices
Collector – July 2019 - 11
Collector – July 2019 - FYI
Collector – July 2019 - 13
Collector – July 2019 - Collection Tips
Collector – July 2019 - 15
Collector – July 2019 - What you need to know about the CFPB’s proposed new rule for the debt collection industry
Collector – July 2019 - 17
Collector – July 2019 - “I don’t know about you, but I’ve literally never received a telegram and wouldn’t even know how to send one.”
Collector – July 2019 - 19
Collector – July 2019 - 20
Collector – July 2019 - 21
Collector – July 2019 - 22
Collector – July 2019 - 23
Collector – July 2019 - Celebrating 80 Years of Helping Members Succeed
Collector – July 2019 - 25
Collector – July 2019 - How Does ACA Help Members Succeed?
Collector – July 2019 - 27
Collector – July 2019 - 28
Collector – July 2019 - 29
Collector – July 2019 - A History of Advocacy
Collector – July 2019 - 31
Collector – July 2019 - 8 Decades of ACA’s Annual Convention
Collector – July 2019 - 33
Collector – July 2019 - 34
Collector – July 2019 - 35
Collector – July 2019 - Calendar
Collector – July 2019 - Honor Roll
Collector – July 2019 - Education Spotlight
Collector – July 2019 - 39
Collector – July 2019 - Tell It Like It Is: Washington Hears From ACA Members
Collector – July 2019 - 41
Collector – July 2019 - Collectors Challenge 2019: Getting Creative for a Good Cause
Collector – July 2019 - 43
Collector – July 2019 - Balance Billing Challenges Continue
Collector – July 2019 - 45
Collector – July 2019 - 46
Collector – July 2019 - 47
Collector – July 2019 - It’s All About You: Helping Members Succeed
Collector – July 2019 - 49
Collector – July 2019 - 50
Collector – July 2019 - 51
Collector – July 2019 - What is a Product Sandbox?
Collector – July 2019 - 53
Collector – July 2019 - in 11th Circuit Case Examining What Constitutes an ATDS
Collector – July 2019 - 55
Collector – July 2019 - ACA SearchPoint
Collector – July 2019 - Ad Index
Collector – July 2019 - Membership
Collector – July 2019 - 59
Collector – July 2019 - Last Word
Collector – July 2019 - Cover3
Collector – July 2019 - Cover4
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