Bill > S1014

This bill amends existing law to revise the regulations and requirements for collection agencies. Key provisions include: - Defining important terms such as "nationwide multistate licensing system and registry" (NMLS), which is a licensing system for all entities required to be licensed under this chapter. - Requiring collection agencies to maintain a home office licensed under this act as their principal location for collection activities. - Allowing license applications to be submitted through the NMLS electronic system instead of directly to the director. - Establishing a process for withdrawing and voiding incomplete license applications. - Expanding the reasons the director can deny, suspend, or revoke a collection agency license, including failure to pay or remit funds to creditor clients and lack of fitness to engage in authorized business activities. - Allowing the director to impose civil penalties of up to $5,000 per violation and prohibit the use of specific agents. - Requiring fair, open, and honest dealing by collection agencies, including restrictions on fees, charges, and expenses that can be collected. - Increasing license and branch office registration fees. - Changing the license renewal timeline and allowing for reinstatement of expired licenses. - Modifying requirements for collection agencies to follow when closing or discontinuing operations.

Business and Industry, Justice

Commerce and Human Resources Committee (Senate)

https://legislature.idaho.gov/sessioninfo/2021/legislation/S1014/