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Collection
Agency Licensing Requirements: The Idaho Collection Agency Act (I.C. 26-2201 et seq.) requires all collection agency, debt counselor and credit counselor to obtain a permit from the director of the Department of Finance of the State of Idaho before conducting debt collection or related activities in the State, and to comply with all provisions of the Act. Each permittee must maintain an office in the State of Idaho and staff at least one natural person who has passed an examination required under the Act unless such person is exempt from such requirement as provided under I.C. 26-2239. (I.C, 26-2223A, 26-2229.) Applicants must file a completed application together with complete copies of all literature and circulars issued or circulated by the applicant in soliciting or advertising collection business, complete forms of account placement contracts, account assignment contracts, account release contracts, copy of the applicant's Article of Incorporation if it is a corporation, a signed agreement that no literature or materials would be circulated except those that have been submitted with the application, an initial examination fee of $100.00, complete copies of all written materials which would be circulated or distributed to a debtor, and an irrevocable consent for service appointing the director and his successors in office to be attorney of the applicant to receive service of legal process. (I.C. 26-2225.) Upon the approval of the application, the collection agency is required to file with the Department of Finance two (2) bonds: a $5,000.00 bond for the benefit of creditors placing accounts for collection with the agency, and a $2,000.00 bond to indemnify the Department of Finance for expenses which may result from investigations, administrative proceedings, and prosecutions which may be instituted by the director against the permittee for violations. (I.C. 26-2232.) Application, required fees, and related information for Idaho Collection
Agency Permits may be obtained from:
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| See the on-line version of Idaho Statutes Title 26 CHAPTER 22 |
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