§ 17-24-310. Annual notice to client of accounting requirement
(a) Each collection agency required to be licensed under this chapter shall, annually, within the month of April, give written notice to each client for whom it is collecting or attempting to collect that collection agencies licensed by the State of Arkansas are required by law to remit collected funds to the clients within the […]
§ 17-24-301. License required
Unless licensed by the State Board of Collection Agencies under this subchapter it is unlawful to: (1) Engage in the collection of delinquent accounts, bills, or other forms of indebtedness; (2) Use a fictitious name or any name other than their own in the collection of their own accounts receivable; (3) Solicit claims for collection; […]
§ 17-24-302. Qualifications — Restriction
(a) The State Board of Collection Agencies shall have the authority to issue a license to an applicant for a license to do business as a collection agency, provided that the applicant meets the following qualifications: (1) The applicant is at least twenty-one (21) years of age; (2) If a partnership, the names of the […]
§ 17-24-303. Application — Issuance — Transferability
(a) The State Board of Collection Agencies shall have the authority to require an applicant for a license to submit an application in writing containing such information as it shall deem necessary and pertinent and may require the character and business references which it deems appropriate. (b) Licenses issued by the board are not transferable.
§ 17-24-304. Expiration and renewal
(a) All collection agency licenses and collection agency employee licenses shall expire annually on June 30. (b) All licensees under this chapter shall apply for the renewal of their licenses, on forms to be prescribed by the State Board of Collection Agencies, on or before July 1 of the fiscal year for which the licenses […]
§ 17-24-305. Fees — Disposition
(a) The State Board of Collection Agencies may charge an annual license fee not to exceed one hundred twenty-five dollars ($125) for licensing each collection agency and an annual fee of twenty dollars ($20.00) effective September 1, 2013, for registering each employee of the licensed collection agency who as an employee solicits, collects, or attempts […]
§ 17-24-306. Bond
(a) The State Board of Collection Agencies shall require each licensee to secure a surety bond in an amount not less than ten thousand dollars ($10,000) nor more than fifty thousand dollars ($50,000) for each location, with the security on the bond to be approved by the board. (b) The aggregate liability of the surety […]
§ 17-24-307. Grounds for revocation, suspension, or refusal
The State Board of Collection Agencies shall have the authority to revoke, suspend, or refuse to issue a license for violation of this chapter, or upon receipt of evidence as follows: (1) False or misrepresented statements on application; (2) Sale or transfer of ownership of agency; (3) Aiding or abetting any unlicensed person to engage […]
§ 17-24-308. Revocation, suspension, or refusal — Procedure
(a) (1) Upon the receipt of evidence of any violation, the State Board of Collection Agencies shall order a hearing to be held. (2) All interested parties shall be apprised, at least twenty (20) days before the hearing, as to the time and place of the hearing. (3) The board shall have authority to summon […]
§ 17-24-309. Collection charges — Limits
(a) No collection agency mentioned in § 17-24-101 shall charge as a collection charge or fee an amount in excess of fifty percent (50%) of the total amount actually collected on all accounts for any one (1) client, nor more than fifty percent (50%) of the total amount actually collected on any one (1) account, […]