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Collection Agency Laws & Licensing Requirements

Consumer Collection Agency are licensed and governed under Section 36a-800, et seq. of the Connecticut General Statutes. Anyone desiring to act within the State of Connecticut as a consumer collection agency must make written application to the commissioner of the Department of Banking for a license in the form the commissioner prescribes.

The application shall be accompanied by:

1. A financial statement prepared by a certified public accountant or a public accountant, the accuracy of which is sworn to under oath before a notary public by the proprietor, a general partner or a corporate officer duly authorized to execute such documents,

2. A license fee of four hundred dollars and

3. An investigation fee of one hundred dollars. A bond in the penal sum of $5,000.00 is also required. Detailed information and the required application and other forms may be obtained from:

State of Connecticut Department of Banking
Consumer Credit Division
260 Constitution Plaza
Hartford, CT 06103
Phone: (860) 240-8200 Toll-free 1-800-831-7225 Fax: (860) 240-8178

The Consumer Credit Division Also Regulates Creditors (Chapter 669, Part I - Creditors' Collection Practices The regulate the collection practices of creditors in the same way that the Federal Fair Debt Collection Practices Act regulates the collection practices of collection agencies.

The State of Connecticut has a web site listing all Collection Agencies Licensed there in alphabetical order: to Search, go to the following Web Site: Consumer Collection Agencies Licensed in Connecticut

The Banking Commissioner is charged with administering the state's banking and credit union laws and laws regarding securities, tender offers and business opportunities. The Commissioner also administers the Truth-in-Lending Act and other consumer credit laws and a major portion of the law concerning rental security deposits.

Connecticut Department of Banking John P. Burke, Banking Commissioner
Consumer Credit Division Attention: William Nahas, Jr.Division Director

More Debt Collection Related Laws & Information:
Collection Agency Complaint Information

Attorney General Office Helps Consumers With Debt Collection Violations In Many Cases
Attorney General Credit Bureau Reporting Information

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

Interest Rate(s): Legal 8% Judgment 10%

Debt Collection Statute of Limitations:
Open Acct. 6Years - Written Contract 6 Years - Oral Contract 3 Years - Domestic Judgments 20/25 Years - Small Claims Judgment 20 Years - Foreign Judgments 20 Years.

Bad Check Laws & Civil Penalty: Personal liability of signatory on Corporate Claims unless signed in Corporate Capacity. See Lawdog Bad Check Information
Connecticut Penal Code.
Credit Card Crimes.
Double Damages For Forgery.
Liability of drawer of Dishonerd Check.
Threatening People.
Insurance Fraud.
Theft Of Services.
Credit card Theft.

Garnishment & General Exemptions: 25% and you may Garnish Disposable Earnings each week, or 40% times the Federal Minimum Hourly Wage, whichever is less.

Federal Laws:
Connecticut Collection Agencies Must Follow the Federal Fair Debt Collection Practices Act
The Federal Debt Collection Law is enforced by The Federal Trade Commission

Summary: Bond Required $5,000. There are some regulations to Solicit Business or Collect. Must Register Collectors Names. Agency name can't contain "bonded". Mini-Miranda required in all communications. No contact at Place Of Employment without consumer consent. Account records required. Law prohibits creditor use of unlicensed agency.

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
    bureaus)

More Credit and Collection Links For Alabama

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.

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.