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ID S1007
Bill
Status
2/27/2019
Primary Sponsor
Commerce and Human Resources Committee
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AI Summary
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Requires collection agency license applications to be filed through the Nationwide Mortgage Licensing System and Registry (NMLSR) instead of directly with the director.
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Establishes the Collection Agency Recovery Fund to reimburse persons awarded actual damages by Idaho courts for violations of collection agency laws, excluding punitive damages and with a $50,000 per claim limit and $250,000 per licensee aggregate limit.
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Repeals surety bond requirements for collection agencies and debt/credit counselors, replacing them with recovery fund fees of $250 for home office locations and $100 per branch office.
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Changes license renewal date from March 15 to December 31 each year and allows reinstatement of expired licenses during January 1 through February 28 for a $50 reinstatement fee.
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Authorizes collection of interest, fees, charges, and expenses when expressly authorized by statute, court ruling, debt agreement, or for actual costs of electronic payment processing with debtor preauthorization.
Legislative Description
Amends, repeals, and adds to existing law to revise the licensing process for collection agencies and to create the Collection Agency Recovery Fund to allow reimbursement to persons to whom an Idaho court awards damages resulting from violations by a collection agent, debt counselor, credit counselor, or credit repair organization.
COLLECTION AGENCIES
Last Action
U.C. to be returned to Business Committee
3/26/2019