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Agency Laws & Licensing Requirements
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.
08.24.090) Alaska Statute
Collection agencies must be operated
under the control and management of a licensed operator.
Licensing requirements include: submission
of a completed application, payment of a fee, and posting of a $5,000 bond.
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.
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.
1. Collection Agency
2. Collection Agency Branch Office
3. Collection Agency Operator
must also obtain an Alaska Business
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 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.
specifically applies to collection agencies and collection agency operators.
and regulations 12 AAC 02 apply to all professions regulated by the division.
Helps Consumers With Debt Collection
Violations In Many Cases
Department of Commerce and Economic
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
Licensing Staffs the
State Collection Agency Program.
Statutes Title 8 Pertaining to Debt Collections and Consumers Rights
Attorney Bar Locate
an Attorney who practices in Alaska, State laws, and Links
Chapter 24. Collection
Agency Rules, Requirements, and Regulations (State Law)
Rate(s): Legal 7.5%
Judgment 7.5% or Contractual Amount
Debt Collection Statute
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.
Laws - Issuance Of A Bad Check (Criminal charges &
75% of employee's weekly net income or $402.50 whichever is more.
Alaska follows the
Federal Fair Debt Collection Practices
The Federal Debt Collection Law is enforced by
The Federal Trade
$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
The major laws
that govern financial institutions and protect individuals in their financial
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
youve 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 offersfirst
when you receive an application and again before you first use the line of
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,
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.
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.
Fund Transfer Act limits an
individuals liability if their ATM card is lost or stolen and calls
for investigation and correction of errors made to your account.
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
of the Currency
Office of the Ombudsman
Customer Assistance Unit
1301 McKinney Street
Houston, TX 77010
1 (800) 613-6743
(regulates banks with national in the name or N.A. after the
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)
of Thrift Supervision
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)
Office of Public and Congressional Affairs
1775 Duke Street
Alexandria, VA 22314-3428
(regulates federally chartered credit unions)
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
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.
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