Colorado Collection Agency Licensing Requirements:
License: Required
Bond: Starts at $12,000 and increases based on revenue
Fees: $1,000 for initial license application
Additional Fees:
Exemptions:
Out of state collection agencies must be licensed in Colorado. However, Colorado has a limited “open borders” law that eliminates licensing for out of state collection agencies who (1) collect debts incurred outside of Colorado, (2) use only interstate communications (telephone calls, letters, faxes) to collect these debts, (3) are located in a state which regulates and licenses collection agencies and does not require licensing for similarly situated Colorado collection agencies (reciprocity).
Every licensee must maintain an office in the State of Colorado which is open to the public during normal business hours where payments may be made and which has access to consumer payment records and client account records. This need not be a “working office” with debt collectors, solicitors, or the collections manager. The office may be shared with other businesses if all signs and directories are clearly marked and you are able to receive mail at that location. Record access may be provided by toll free telephone line, fax, or computer connection.
Contacts:
Colorado Attorney General’s Department of Consumer Protection, Collection Agency Regulation Division
*This fee may have changed since this page was last updated.
** Prerequisites may include registering with Colorado Secretary of State.
License: Required
Bond: Starts at $12,000 and increases based on revenue
Fees: $1,000 for initial license application
Additional Fees:
- $300 required for background investigation with license application
- $500 for license renewal
Exemptions:
Out of state collection agencies must be licensed in Colorado. However, Colorado has a limited “open borders” law that eliminates licensing for out of state collection agencies who (1) collect debts incurred outside of Colorado, (2) use only interstate communications (telephone calls, letters, faxes) to collect these debts, (3) are located in a state which regulates and licenses collection agencies and does not require licensing for similarly situated Colorado collection agencies (reciprocity).
Every licensee must maintain an office in the State of Colorado which is open to the public during normal business hours where payments may be made and which has access to consumer payment records and client account records. This need not be a “working office” with debt collectors, solicitors, or the collections manager. The office may be shared with other businesses if all signs and directories are clearly marked and you are able to receive mail at that location. Record access may be provided by toll free telephone line, fax, or computer connection.
Contacts:
Colorado Attorney General’s Department of Consumer Protection, Collection Agency Regulation Division
*This fee may have changed since this page was last updated.
** Prerequisites may include registering with Colorado Secretary of State.
