Collecting debt in Arkansas: licensing, bonds and statutes of limitations.

Amount field is the lowest tier. Statute sets a range of $10,000 to $50,000 per location (§ 17-24-306(a)); Board rule 2-1.A.2 (effective 12/9/2021) fixes the tiers by collector headcount: $10,000 for zero to five collectors; $20,000 for six to twelve collectors; $25,000 for thirteen or more collectors. Separate bond for each licensed location (rule 2-1.C). Bond payable to the Board and must bear the agency's current physical address with a power of attorney (rule 2-1.F). Surety may cancel on 30 days' notice (§ 17-24-306(b)); license terminates automatically if the bond is not renewed or is cancelled (rule 2-3.A.3).

Licensing runs through the Board's Enterprise Licensing & Permitting (ELP) portal at apps.lnpweb.com; legacy paper forms still accepted. No NMLS reference on the Board's pages or in the statute or rule.

$125.00 annual license fee per location plus $20.00 registration fee per collector/solicitor plus $20.00 manager registration fee. Statutory caps: § 17-24-305(a) 'an annual license fee not to exceed one hundred twenty-five dollars ($125) for licensing each collection agency and an annual fee of twenty dollars ($20.00) effective September 1, 2013, for registering each employee ... who as an employee solicits, collects, or attempts to collect'. Board rule 2-1.A requires 'the required $125.00 fee' and rule 2-1.E the $20 per-employee registration fee; Board forms page: 'CHARGES A LICENSE FEE OF $125.00, PLUS A REGISTRATION FEE OF $20.00 PER COLLECTOR' and the Proposed Manager form 'CHARGES A MANAGER REGISTRATION FEE OF $20.00.' Retroactive license for prior unlicensed activity carries an additional $10,000 civil penalty (§ 17-24-103(a)(3); rule 2-2). Applications are filed through the Enterprise Licensing & Permitting (ELP) portal at apps.lnpweb.com.

annual, renews June 30 (renewal applications accepted April 1 through June 30; no late renewals accepted)

Each location is licensed and bonded separately at the same $125 fee. Rule 2-1.C: 'Collection agencies operating at more than one office or location must obtain and maintain a separate license and surety bond for each location.' Board FAQ: 'You should obtain a separate license for any location from which Arkansas residents will be contacted. Arkansas law does not distinguish between main and branch offices.' Remote workers generally do not need separate licenses if the agency maintains equivalent supervision and call recording; otherwise the remote worker must apply as a separate location (Board FAQ). New collectors must be registered within 90 days of hire at $20 each; manager changes reported within 30 days at $20; administrative updates and surrender are free.

registered manager who regularly supervises collectors and has an acceptable credit reputation, verified by a consumer credit report (waivable if the agency holds a substantially similar license in another state and has had no license revoked for bad-faith violations) (rule 2-1.B); registration of every collector, solicitor and manager employed at the licensed location, with aliases, within 90 days of hire, $20 each, whether or not they work Arkansas accounts (§ 17-24-305(a); rule 2-1.E; Board FAQ); separate license and bond per location that contacts Arkansas residents (rule 2-1.C; Board FAQ); physical street address required; a P.O. box alone is not accepted (rule 2-1.A.1); organizational chart and list of corporate officers and shareholders with the application (Board forms page); applicant, partners and managers/majority owners at least 21 years old (§ 17-24-302(a)); law enforcement officers may not be licensed or act as collectors (§ 17-24-302(b)); remit client funds within the calendar month following collection or forfeit the collection fee (§ 17-24-104); annual notice to clients of that requirement (§ 17-24-310) with manager certification at renewal (§ 17-24-304(c)); collection charge limits, capped at 50 percent of the amount collected (§ 17-24-309); nonresident agencies deemed to consent to those limits (§ 17-24-401(2)); licenses not transferable; notice to the Board on a 50 percent or greater ownership change (§ 17-24-303(b); rule 2-1.D); penalty for unlicensed activity $50 to $500 per day; $10,000 civil penalty for retroactive licensure (§ 17-24-103)