FL H1219

Changes consumer debt collection agency regulation from a registration system to a licensing system administered by the Office of Financial Regulation, requiring a $400 initial license fee and $100,000 surety bond.

Expands prohibited debt collection practices under s. 559.72 and makes violations by control persons, employees, or agents attributable to the agency itself.

Establishes grounds for license denial, suspension, or revocation including criminal convictions, federal Fair Debt Collection Practices Act violations, misappropriation of funds, and lack of fitness or trustworthiness.

Increases administrative fines from $1,000 to up to $5,000 per violation, extends civil action statute of limitations from 2 years to 5 years, and elevates criminal penalty for unlicensed operation from first-degree misdemeanor to third-degree felony.

Repeals Part V of chapter 559 (commercial collection practices) and creates new procedures for investigations, license suspensions/revocations, removal of individuals from the debt collection business, and restitution authority for the Office of Financial Regulation.