The Online Collection Agency renewal is now available!
The 2022-2023 Collection Agency license renewal is available via the Licensing Community portal. The General Mailings contact may login and complete the renewal. If you would like to verify and/or update the contact information on record, please send us an email.
Important Renewal Tips!
- The renewal deadline for collection agencies is July 1, 2022. Renewals must be submitted online, via the Licensing Community portal.
- Once the renewal is submitted, a document will be sent to the people listed as signatories for an electronic signature. The renewal is not considered complete until electronically signed and sent back to us.
- The supplemental information and forms (available below or via the portal) must be completed and submitted, electronically, to the renewal case via the new Licensing Community portal after submitting the renewal.
- The payment may be made by check or online. Please reference the new license number, not the old one.
Do I need to submit a separate Out-of-State Trust Account Affidavit for each out of state account?
Yes.
Our collection agency does not receive or have access to any consumer payments as all payments are made directly to our client(s). Do we need a Trust Account?
A trust account may not be required upon determination by our office that compliance with the Colorado Fair Debt Collection Practices Act (CFDCPA) and Rule 3.01 has been met. If you do not have a trust account because you do not receive payments from consumers, you must provide our office with copies of all contracts and/or agreements that indicate all consumer payments are made directly to the clients. Please see § 5-16-123, C.R.S., and Rule 3.01.
Our collection agency had a change in Ownership, am I required to submit a new Collection Agency application for initial licensure?
If the collection agency is a corporation or limited liability company and the change in ownership is less than fifty percent of the corporate stock or ownership interest, then you are not required to submit a new license application. However, you must notify the Consumer Credit Unit of such change. If the licensee fails to provide written notification, the license shall automatically expire on the thirteenth day following the change If the change of ownership is fifty percent or more of the stock or ownership interest in any one transaction or a cumulative change of ownership of fifty percent or more from the date of your license issuance or last renewal, then you are required to submit a new license application. Please see § 5-16-122, C.R.S.
Do I need to submit a sample validation/first notice?
Yes, all collection agencies must submit a sample validation/first notice letter containing Colorado specific consumer rights advisory (see §§ 5-16-105(3)(c) and (d), 5-16-107(1)(l), 5-16-109(1)(a) through (e), 5-16-123(1)(b)(I) and (II), C.R.S., and Rule 2.01.
When and how will we receive our 2022-2023 renewal license?
Once your renewal has been reviewed and approved, the 2022-2023 renewal license will be made available via the Licensing Community portal. You may continue to operate until your license is issued or denied.
If our collection agency has more than ten civil actions, how should we submit the information?
Any collection agency with 10 or more civil actions filed must use the Civil Action(s) Template available (above). Please be specific about the Nature of the Action/Factual Allegation. If further information regarding any of the civil action(s) you list is needed, we will request such documentation at a later date.
What happens if I do not submit the license renewal application and/or pay the renewal fee by July 1st?
Your license will automatically expire and you must immediately cease collection activities. You will be prohibited from collecting debts or soliciting accounts covered by the CFDCPA without applying for and being issued a new collection agency license. Please see CFDCPA Rules 1.05 & 1.06.