Arkansas Collection Agency Licensing Requirements:
License: Required
Bond: $10,000-$25,000
Fees: $125 for annual license (+$15 per additional collector)
Exemptions:
An out-of-state agency is required to obtain a license to collect or solicit accounts. No exemptions for out-of state agencies exist.
Penalties/Misdemeanor fine: $50-500
There is no trust account requirement, but collection agencies “required to be licensed” must remit funds to their client within the calendar month following the month of collection. Collection agencies must give annual written notice in April of their remittance requirements to each of their clients.
Contacts:
Janet Wilson: State Board of Collection Agencies
Secretary of State: Corporate Commission
*This fee may have changed since this page was last updated. An additional $15 fee per Collector/Solicitor may apply.
**Prerequisites may include registering with the AR Secretary of State and/or obtaining an Operator/Manager License.
License: Required
Bond: $10,000-$25,000
Fees: $125 for annual license (+$15 per additional collector)
Exemptions:
An out-of-state agency is required to obtain a license to collect or solicit accounts. No exemptions for out-of state agencies exist.
Penalties/Misdemeanor fine: $50-500
There is no trust account requirement, but collection agencies “required to be licensed” must remit funds to their client within the calendar month following the month of collection. Collection agencies must give annual written notice in April of their remittance requirements to each of their clients.
Contacts:
Janet Wilson: State Board of Collection Agencies
Secretary of State: Corporate Commission
*This fee may have changed since this page was last updated. An additional $15 fee per Collector/Solicitor may apply.
**Prerequisites may include registering with the AR Secretary of State and/or obtaining an Operator/Manager License.
