CT HB05400

Repeals the requirement that consumer collection agencies maintain a minimum tangible net worth of $50,000 to obtain a license.

Retains requirements for applicants to provide criminal history information for themselves, partners, members, officers, directors, and principal employees.

Maintains existing license fee of $800 (or $400 for initial applications filed within one year of expiration) and $100 investigation fee.

Allows the commissioner to conduct state and national criminal history records checks and verify applicants are of good moral character and financially responsible.

Effective October 1, 2018.