Debt Buyers May Now File for a License in Oregon
11/13/2017 4:00:00 PM
Application for debt buyer’s license is available on the NMLS website.
Debt buyer licenses are now available in the state of Oregon.
Under the new law (H.B. 2356) signed by Gov. Kate Brown Aug. 2, 2017, debt buyers—both active and passive—must obtain a license from the Oregon Department of Consumer and Business Services (DCBS).
Applicants are required to have errors and omissions insurance at the time of application. The license, which is separate from the collection agency license, will be effective Jan. 1.
The DCBS can require applicants to apply through the Nationwide Multistate Licensing System (NMLS website).
Those who wish to obtain a license should file now to ensure compliance with the Jan. 1 deadline. Licenses will expire Dec. 31 of the calendar year in which the license was issued. In order to continue debt purchasing activities from year to year, license holders must renew the license before its expiration date.
For additional background information previously written by ACA International, click here.
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