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Legislation is being proposed to modernize Wyoming's collection agency
statutes. Changes are being recommended in the following areas:
- Transfer licensing and regulation of collection agencies from Collection
Agency Board to Division of Banking
- License application to include background checks for the collection agency
owners and persons in charge
- Increase surety bond to $25,000
- Eliminate the requirement for resident managers
- Uniform license renewal date - December 31
- Change renewal application requirements to include updates to original
application and financial statement
- Provide for examinations of collection agencies
- Provide for restitution to consumers for overcharged fees
- Change in control of a license - 25 % change in ownership
- Record retention schedule
The proposed legislation modernizes Wyoming's collection agency regulation
by:
- Enhancing efficiencies in the licensing area,
- Ensuring that persons using the services of a collection agency are properly
represented and
- Protecting Wyoming consumers from improper and abusive methods used by some
collection agencies. Send your questions or comments to:
maitchison@wyaudit.state.wy.us
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