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Collection
Agency Licensing Requirements: Collection agency licensing requirements are governed by Title 58, Article 70 of the North Carolina General Statutes. Any person or entity who desires to conduct or operate a collection agency in the State of North Carolina must apply for and obtain a permit from the Commissioner of Insurance and provide a bond in the initial sum of $5,000, and not less than $5,000 but not more than $50,000 for renewal permit. (§ 58-70-20.) Any person or entity conducting or operating a collection agency or doing collection agency business without a permit required under G.S. § 58-70-1 is guilty of a Class I felony, and any officer or agent of any person or entity who personally and knowingly participate in violation of the provisions under Title 58, Article 70 is guilty of a Class 1 misdemeanor. Detailed information on collection agency permit may be obtained from: State of North Carolina Commissioner of Insurance Special Services Division P. O. Box 26387 Raleigh, North Carolina 27611 Tel: (919) 733-2200 E-Mail: fmohn@mail.doi.state.nc.us
§ 58-70-1. Permit from Commissioner of Insurance; penalty for violation; exception. No person, firm, corporation, or association shall conduct or operate a collection agency or do a collection agency business, as the same is hereinafter defined in this Article, until he or it shall have secured a permit therefor as provided in this Article. Any person, firm, corporation or association conducting or operating a collection agency or doing a collection agency business without the permit shall be guilty of a Class I felony. Any officer or agent of any person, firm, corporation or association, who shall personally and knowingly participate in any violation of the remaining provisions of this Part shall be guilty of a Class 1 misdemeanor.
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| Special Services Division, Department of Insurance is the
agency responsible for collection agency licensing, linked here.
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| See North Carolina General Statutes, as well as later statutory amendments, if any linked here. Please check for any amendments. Always discuss actual cases with your actual legal advisor or legal department. The North Carolina Bar Association is linked here. Or find them all in LAWDOG North Carolina. |
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