HB 7018 Summary

• Requires consumer collection agencies to demonstrate a minimum tangible net worth of $50,000 through a certified public accountant's financial statement as part of the licensing application process.

• Maintains licensing fees of $800 for standard applications and $400 for applications filed within one year before license expiration, plus a $100 investigation fee.

• Expands licensing restrictions to prohibit both creditors and consumer collection agencies from retaining or engaging unlicensed debt collectors if they have actual knowledge of the lack of licensure.

• Authorizes the commissioner to conduct state and national criminal history record checks on applicants, partners, members, officers, directors, and principal employees.

• All provisions take effect October 1, 2017.