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Collection
Agency Licensing Requirements:
Collection Agency licensing requirements are governed under Chapter 13-05 of the North Dakota Century Code. No person, other than a collection agency licensed and authorized under the provisions in this chapter may advertise or solicit either in print, by letter, in person or otherwise, the right to collect or receive payment of any claim for another or sell or give away collection letters as demand forms in the State of North Dakota. (13-05-02.) The application for a collection agency license must be in writing, under oath, and in the form prescribed by the Commissioner of the Department of Banking and Financial Institutions of the State of North Dakota. The applicant must also pay an investigation fee of $300, an annual license fee $200, and a surety bond in the sum of $20,000. For each additional branch office, the applicant must also pay a fee of $50.00. (13-05-04.) Section 13-05-07 of the North Dakota Century Code requires that all records of a debtor be kept for a period of six (6) years. The list of information which must be kept, as established by the Commissioner, include debtors work card which must contain the name and address of the debtor, date claim received, amount of claim, name and address of creditor, rate of commission, records of payments (date received and amount); copy of debtor receipts which must contain name and address of licensee, name of debtor, date received and amount, balance due, name of the creditor, and name or initials of person accepting payment; copy of monthly remittance sheet to creditor, with supporting copies of receipts; check stubs from trust account and systematically filed canceled checks, and license conspicuously posted in place of business. (Memorandum issued by Dept. of Banking and Financial Institutions). Detailed information on collection agency licensing requirements may be
obtained from:
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