To obtain an Arkansas collection agency license you must submit the following:
- Application for a Collection Agency License.
- Surety Bond. The surety bond must be issued by a bonding company/insurance company, signed by a representative of the collection agency, have a power of attorney attached and show the physical address of the collection agency. The dollar amount of the bond is based on the number of collectors employed by the collection agency. For zero to five collectors, the bond amount must be $10,000; for six to twelve collectors, the bond amount must be $20,000 and for thirteen or more collectors, the bond amount must be $25,000. (Please use the form below.)
- Proposed Manager Information form. This form authorizes us to obtain the credit report of the person whom you are proposing to use as the manager of your collection agency. You will be notified if the proposed manager’s credit history is not acceptable.
Forms for obtaining a license:
Obtain a Retroactive License
A collection agency that has been operating without a license may submit an application for a Retroactive License. A Retroactive License Application carries all the requirements of an application for a regular license, plus an additional $10,000 fee. A retroactive license has an effective start date corresponding to a collection agency’s initial debt collection activity in Arkansas. But unlike a regular license, a retroactive license ends on the day it is issued. (Any subsequent debt collection activities by the collection agency will then require a new, regular collection agency license.)