Senate Bill 1014 - Collection Agencies Summary

• Increases the nonrefundable application fee for collection agency licenses from $350 to $1,350 and establishes a $350 registration fee for each branch location.

• Removes the requirement that collection agencies designate a responsible person meeting specific experience requirements, while retaining office maintenance and availability standards.

• Implements an electronic licensing system (NMLS) for applications and establishes a 60-day deadline for applicants to cure deficiencies or have applications deemed withdrawn and void.

• Changes license renewal deadline from March 15 to December 31 annually with a renewal fee of $1,050, and allows reinstatement of expired licenses through February 28 following expiration upon payment of a $200 reinstatement fee.

• Removes per-agent fees and quarterly agent notification requirements, while branch registrations now expire automatically upon the expiration or revocation of the associated primary license.