Collection Agency and Debt Collector

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Collection agency means and includes any person engaged in the business of collection for others any account, bill or other indebtedness except as hereinafter provided. It includes persons who furnish collection systems carrying a name which simulates the name of a collection agency and who supply forms or form letters to be used by the creditor, even though such forms direct the debtor to make payments directly to the creditor rather than to such fictitious agency. Collector is a person acting under the authority of a collection agency and on its behalf in the business of collection for others an account, bill, or other indebtedness. Minnesota Department of Commerce Notice for Collection Agencies: The changes are effective June 1, 2022 Minn. Stat. § 332.33 LICENSING AND REGISTRATION. Subd. 3. Term. Licenses issued or renewed and registrations received by the Commissioner of Commerce under Minn. Stat. § 332.32 -.44 shall expire on June 30. Each collection agency license shall plainly state the name and business address of the licensee, and shall be posted in a conspicuous place in the office where the business is transacted. The fee for each collection agency license is $500, and renewal is $400. The fee for each collector registration and renewal is $10, which entitles the individual collector to work at a licensee??s business location or in another location as provided under subdivision 5b. An additional branch license is not required for a location used under subdivision 5b. A collection agency licensee who desires to carry on business in more than one place shall procure a license for each place where the business is to be conducted. Subd. 5b. Work from home. An employee of a licensed collection agency may work from a location other than the licensee's business location if the licensee and employee comply with all requirements under this section that would apply if the employee were working at the business location. Review: Debt Collections How to Register as a Collection Agency Debt Collector Registration Debt Collector License Renewal License Updates None