Loading chat...
ND HB1080
Bill
AI Summary
HB 1080 Summary
-
Establishes licensing requirements for collection agencies including a $400 application fee, $300 annual license fee, $50 per branch office fee, and $20,000 surety bond requirement.
-
Requires all licensed collection agencies to maintain a minimum net worth of $25,000 and file a compliance plan within 20 business days if net worth falls below this threshold.
-
Expands the commissioner's powers to investigate licensees, conduct examinations, subpoena witnesses, and control access to documents and records during investigations.
-
Authorizes the commissioner to suspend or remove collection agency officers and employees for willful violations, harassment, false representations, unfair practices, or breach of trust for up to three years.
-
Modifies prohibited practices to include making false statements, collecting prohibited fees, and failing to account for collected funds, with enforcement through license suspension or revocation proceedings.
Legislative Description
The definitions of creditor and insolvent, branch offices, entities exempt from licensing, forms for application for licensing, powers of the department of financial institutions, suspension and removal of agency officers and employees, investigations and subpoenas, agency recordkeeping, and revocation of licenses for collection agencies.
Last Action
Filed with Secretary Of State 04/19
4/21/2011