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Collection Agency Laws & Licensing Requirements

Title 8, Chapter 24 of the Alaska Statutes regulates licensing requirements of collection agencies. Each person who conducts a collection agency business, collects, solicits claims, advertises, solicits either in print, by letter, in person, or otherwise, to collect or receive payment of a claim for another person must comply with the licensing requirements. (Section 08.24.090) Alaska Statute

Collection agencies must be operated under the control and management of a licensed operator. (Section 08.24.100)

Licensing requirements include: submission of a completed application, payment of a fee, and posting of a $5,000 bond. Section 08.24.140(b) Alaska Statute

All funds collected by a collection agency for a client must be deposited in a trust account established at a financial institution in the State of Alaska or at a bank which is registered as an approved Model Foreign Bank. Section 06.10.030 Alaska Statute

A nonresident may apply for and receive a collection agency license or an operator license or both on the same basis as a resident. The application fee and the biennial license fee for a nonresident operator or nonresident agency license are double the fees established by the regulations for a resident operator or agency. Section 08.01.065 Alaska Statute

Regulated Professions:
1. Collection Agency
2. Collection Agency Branch Office  
3. Collection Agency Operator

Collection agencies must also obtain an Alaska Business License:
License Application Information and Application forms may be mailed to you or picked up at a division office. Completed applications must be signed and submitted to the division with the appropriate fees.

Statutes and Regulations:
Alaska Statutes are passed by the legislature. Regulations (also called the Alaska Administrative Code) are rules adopted by the department to implement, interpret, and make specific the statutes. Both statutes and regulations have the force of law.

AS 08.24 specifically applies to collection agencies and collection agency operators.
AS 08.01 - 08.03 and regulations 12 AAC 02 apply to all professions regulated by the division.

Attorney General Office Helps Consumers With Debt Collection Violations In Many Cases

The Department of Commerce and Economic Development Adopts regulations to carry out laws governing Collection Agencies & Collection Agency Operators in Alaska. It makes final licensing decisions and takes disciplinary actions against people who violate licensing laws. State Of Alaska Department Of Commerce and Economic Development Division Of Occupational Licensing Ninth Floor, State Office Building 333 Willoughby Avenue P. O. Box 110806 Juneau, Alaska 99811-0806 Tel: (907) 465-2695 Fax: (907) 465-2974

Division of Occupational Licensing Staffs the State Collection Agency Program.

Alaska Statutes Title 8 Pertaining to Debt Collections and Consumers Rights

Alaska Attorney Bar Locate an Attorney who practices in Alaska, State laws, and Links

Alaska Court System

Chapter 24. Collection Agencies Collection Agency Rules, Requirements, and Regulations (State Law)

Interest Rate(s): Legal 7.5%  Judgment 7.5% or Contractual Amount

Debt Collection Statute of Limitations:
Sales of Goods 4 Years - Written Contract 3 Years - Domestic Judgments 10 Years - Foreign Judgments 10 Years

Bad Check Laws & Civil Penalty: Damages in the amount equal to $100.00 or Triple the amount of the check whichever is greater, But no more than $1,000.00 over the amount of the check.

Criminal Laws - Issuance Of A Bad Check (Criminal charges & Fines).

Garnishment & General Exemptions: 75% of employee's weekly net income or $402.50 whichever is more.

Federal Laws:
Alaska follows the
Federal Fair Debt Collection Practices Act
The Federal Debt Collection Law is enforced by
The Federal Trade Commission

Summary: $5,000 Bond required. Collectors may solicit and/or collect with some regulations. Must Register Collectors Names and Aliases Both. Use only licensed agency name. Separate license for each business named used required. Annual financial statements required. Trust accounts, and Account records required. Exemption for out of state collectors. No exemption in Statute.

Other Credit and Collection Links

The major laws that govern financial institutions and protect individuals in their financial dealings are:

  • Consumer Credit Protection Act It is the purpose of this title to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
  • Truth in Lending Act Consumer Credit Costs Disclosures, requires a lender to tell you how much it will cost to borrow money so that you can compare the terms of credit offered by different lenders.
  • Fair Credit and Charge Card Disclosure Act requires a lender offering you a credit card to tell you the annual percentage rate (APR), the amount of any annual fee, and whether you have a grace period to pay your bill before a finance charge is added.
  • Fair Credit Reporting Act controls how your credit history (how you pay your bills) is kept by credit bureaus and used by lenders.
  • Equal Credit Opportunity Act prohibits lenders from discriminating against you in a credit transaction on the basis of certain personal characteristics such as race, color, religion, national origin, sex, marital status, age, because you receive public assistance or because you’ve exercised your rights under the Consumer Credit Protection Act.
  • Fair Debt Collection Practices Act lays out the rules a debt collector must follow when trying to collect a debt from a consumer.
  • Home Equity Loan Consumer Protection Act requires a lender to give you complete information about the home equity loan plan it offers—first when you receive an application and again before you first use the line of credit.
  • The Home Ownership and Equity Protection Act requires disclosures and imposes substantive limitations on mortgage transactions having rates or fees above a certain percentage or amount. It also requires disclosures about the potential costs for reverse mortgages.
  • Fair Housing Act prohibits lenders from discriminating against you in real estate mortgage or home improvement loans on the basis of race, color, religion, national origin, sex, familial status, or handicap.
  • Real Estate Settlement Procedures Act states that lenders must give purchasers information about the costs required to close a mortgage loan. It also protects consumers from unnecessarily high real estate settlement costs by prohibiting certain business practices. This applies when you take out or refinance a loan secured by real estate such as a mortgage loan or a home equity loan.
  • Fair Credit Billing Act requires that a lender promptly correct a mistake on your credit card bill.
  • Expedited Funds Availability Act limits how long a bank may delay your use of the funds you deposit in an account.
  • Truth in Savings Act requires lenders to disclose the terms of their deposit accounts in a uniform way.
  • Electronic Fund Transfer Act limits an individual’s liability if their ATM card is lost or stolen and calls for investigation and correction of errors made to your account.
  • Consumer Leasing Act requires the costs and the terms of a consumer lease, such as a lease for a car or for furniture, be outlined to you so that you can compare the cost of leasing.

Credit and Collection Links

Comptroller of the Currency
Office of the Ombudsman
Customer Assistance Unit
1301 McKinney Street
Suite 3710
Houston, TX 77010
1 (800) 613-6743
    (regulates banks with national in the name or N.A. after the name)

Federal Deposit Insurance Corporation
Compliance and Consumer Affairs
550 17th Street, N.W.
Washington, DC 20429
(202) 942-3100 or 1 (800) 934-3342
    (regulates state chartered banks that are not members of the Federal Reserve System)

Office of Thrift Supervision
Consumer Programs
1700 G Street, N.W.
Washington, DC 20552
(202) 906-6237 or 1 (800) 842-6929
    (regulates federal savings and loans and federal savings banks)

National Credit Union Administration
Office of Public and Congressional Affairs
1775 Duke Street
Alexandria, VA 22314-3428
(703) 518-6330
    (regulates federally chartered credit unions)

Federal Trade Commission
Consumer Response Center
6th and Pennsylvania, N.W.
Washington, DC 20580
877-FTC-HELP – toll free (877-382-4357)
    (regulates finance companies, stores, auto dealers, mortgage companies, and credit

More Credit and Collection Links

LawDog State Credit and Collection Laws Laws about, Autos, Checks, Credit, Courts, Judgments, Secured Debts, UCC, Credit Terms and Use, Bankruptcy Courts, Collections and State Agencies/Organizations.

Alaska's Landlord Tenant Act.

Open Directory Project Links

Yahoo Search Consumer Rights & Protections

THIS IS FOR MY PERSONAL INFORMATIONAL PURPOSES ONLY. The information here may not be complete and it is not to be construed as legal advise or opinion. This Is Not A Complete List Of All The Laws Relating To These Subjects. The information provided is not to be considered legal advice, Always discuss matters relating to such and seek advise from your legal advisor or a legal professional. We do not Guarantee or Warranty any information contained in and/or linked to any of our web sites, and we assume no responsibility for the use of such. Please let us know of any incorrect information right away so we can investigate and correct any errors.

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