CS/CS/HB 413 - Consumer Collection Practices

• Requires consumer collection agencies to submit fingerprints for all control persons; state and national criminal background checks conducted through Department of Law Enforcement and FBI.

• Establishes disqualifying periods for applicants with criminal convictions: 15 years for fraud/dishonesty/money laundering felonies, 7 years for other felonies, 5 years for fraud/dishonesty misdemeanors.

• Makes consumer collection agency registrations non-transferable and non-assignable; requires registrants to report changes in information within 30 days.

• Authorizes Office of Financial Regulation to conduct examinations without advance notice at least once per 48-month period and to investigate violations of the registration law.

• Provides grounds for immediate summary suspension of registration if registrant or control person is arrested for felony or crime involving fraud, dishonesty, breach of trust, money laundering, or moral turpitude; effective October 1, 2014.