Become a Licensed Collection Agency
It is important to note, any person, firm, corporation or association conducting business, within the State of NC, in any of these areas without a license/permit shall be guilty of a Class I felony. For more information relating to the exact laws and regulations cited in the North Carolina General Statutes, refer to NCGS Chapter 58/Article 70.
Applications & Forms:
The following applications & forms for Non-Insurance Business Entities (NIBE) - collection agencies, motor clubs, and premium finance companies can be obtained on-line using the North Carolina License Management System (NCLMS).
Only an authorized owner/officer of the corporation can sign on behalf of the applicant.
The authorized officer should prepare, sign and date a statement similar to: "I, ___________________, an authorized officer of the applicant certify that the (above/below/attached) information is accurate, true and correct to the best of my knowledge."
A trust account is defined as a dedicated checking account used only for the purpose of debt collection activities. If a collection agency or debt buyer collects payments, a general trust account is required in all cases. If the agency/debt buyer has NC clients, a 2nd separate trust account is required. Only one (1) of the trust account bank statements, either general -or- NC client is required. A trust account is exempt if there are no funds collected; refer to the trust account exemption section of the application.
Branch offices of collection agencies are NOT allowed to share and/or operate under the same license. Each collection agency location is required to apply and maintain its own individual license.
No, each application is required to have its own set of supporting documentation.
Personal questionnaires are not required for corporate ownership.
Domestic status refers to applicants incorporated in the state of North Carolina. Foreign status refers to applicants incorporated within the United States, but outside of NC. Alien status refers to applicants incorporated outside of the United States. Alien corporations must be owned or majority controlled ultimately by a parent entity incorporating or organized under the laws of the United States. The determining factor is the location where the company was incorporated.
Your application will be under the preliminary review process by the North Carolina Licensing Office of PearsonVUE. You will be contacted by email if further clarification and/or additional information is needed. Upon successful completion of the preliminary review, the application will be referred to NCDOI for regulatory review. Once the application passes the regulatory review, an email notification of approval and certificate of licensure will be sent to the applicant. The entire process can take anywhere from 4-8 weeks. Typically, the preliminary review process takes 2 weeks, unless there are deficiencies within the application. Once all deficiencies are resolved, the regulatory review process can potentially take another 2-4 weeks.