Collection Agency Renewal Notification Center

Welcome to the Colorado Collection Agency Regulation Renewal Notification Center.  Colorado collection agency licenses expire July 1 of each year and must be renewed annually. If you timely file a complete application, you may continue to operate until your application is approved or denied. Although renewed licenses are effective July 1, 2014, your license will be mailed at a later date.

To surrender your license, send a letter stating the date the license should be cancelled. If you have questions contact us by e-mail at cab@state.co.us or call (720) 508-6008.

RENEWAL APPLICATION LINKS

 

ANNUAL RENEWAL DEADLINES

A completed license renewal application and license renewal fee must be July 1 received in our office. A collection agency license will automatically expire if a completed license renewal application and license renewal fee are not received by 5:00 p.m. on July 1.

 

FEES

The license renewal fee for 2014-15 is $1,000.00. Make checks payable to Colorado Fair Debt Collection Practices Act. You may choose to pay by credit card or electronic check online here. There is a fee for this service. Although your license renewal fee may be deposited upon receipt of the application, this does not constitute approval of your renewal application. If your license renewal application is denied, the renewal fee will be refunded.

 

DELIVER COMPLETED LICENSE RENEWAL APPLICATION AND FEE ON OR BEFORE JULY 1 TO:

Administrator, CFDCPA
Ralph L. Carr Colorado Judicial Center
1300 Broadway, 6th Floor
Denver, CO 80203

E-mail: cab@state.co.us
Tel:(720) 508-6008

 

 


 

FREQUENTLY ASKED QUESTIONS

General Questions:

  1. Where can I find the 2014-2015 Collection Agency License Renewal Application?
  2. How do we know that you received our license renewal application?
  3. How and when will we know that our license renewal application has been approved?
  4. Are we able to continue debt collection activity in Colorado while our license renewal application is pending review or before we receive our renewed license?
  5. We have not received our renewed license, how can clients verify our agency’s Colorado collection agency license.

Application Questions:

  1. Do you allow E-signatures or digital signatures on the license renewal applications?
  2. Our agency does not have information about consumers who are in the U.S. Military Service. How are we able to determine the percentage of our collection accounts that relate to members of the U.S. Military Service?

Collections/Remittance Information:

  1. Who are required to complete the Collections/Remittance Information?
  2. We make collection calls for our clients but we do not make any monthly remittance since all consumer payments are made directly to our clients. Are we still required to submit the Collections/Remittance Information Form?
  3. We carry the maximum $20,000.00 bond; must we complete the Collections/Remittance Information?
  4. Does the Collections/Remittance Information pertain to all of our clients or just my agency’s Colorado clients?

Financial Statement:

  1. Do we have to use the Verified Financial Statement form included in the license renewal application or can we just submit a verified financial statement that has been prepared by our accountant?

Trust Account Information:

  1. Which Trust Account do I need to report? 
  2. We have several Trust Accounts; do we need to include every trust account that we have?
  3. Do we have to execute a separate Out Of State Trust Account Affidavit?
  4. We have multiple Trust Accounts. Can we execute one Out Of State Trust Account Affidavit and attach a list of the other out-of-state Trust Accounts?

 


 

Where can I find the 2014-2015 Collection Agency License Renewal Application?

Answer: Please go to our website at www.coloradoattorneygeneral.gov/ca.

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How do we know that you received our license renewal application?

Answer: If you want to know that we received your license renewal application, send it by certified mail with return receipt through the U.S. Mail or by courier (UPS, Fed-Ex) with delivery tracking.

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How and when will we know that our license renewal application has been approved?

Answer: You will know that your license renewal application has been approved when you receive the renewed license for 2014-2015. Otherwise, you will receive written notification from our office that your collection agency license has been denied for renewal. Notices regarding the expiration or non-renewal of licenses are generally sent in early July unless an investigation is conducted to determine the renewability of your agency’s license. Renewed license are generally mailed at a later date. If you do not receive your renewed license certificate by the end of August, please contact our office.

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Are we able to continue debt collection activity in Colorado while our license renewal application is pending review or before we receive our renewed license?

Answer: Yes, provided that your agency timely filed its license renewal application.

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We have not received our renewed license, how can clients verify our agency’s Colorado collection agency license?

Answer: Our office cannot respond to every information request from your clients, however, you may direct your clients to our website which contains a list of licensed collection agencies. http://www.coloradoattorneygeneral.gov/sites/default/files/uploads/cab/CabReport.pdf.

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Do you allow E-signatures or digital signatures on the license renewal applications?

Answer: No, all license renewal applications must have the live signature of the responsible officer of the collection agency.


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Our agency does not have information about consumers who are in the U.S. Military Service. How are we able to determine the percentage of our collection accounts that relate to members of the U.S. Military Service?

Answer: Provide any and all information that your agency has regarding accounts that are known or designated as accounts of U.S. Military Service members.

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Who are required to complete the Collections/Remittance Information?

Answer: All licensees who wish to renew their license.

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We make collection calls for our clients but we do not make any monthly remittance since all consumer payments are made directly to our clients. Are we still required to submit the Collections/Remittance Information Form?

Answer: Yes, you still have to complete and submit the form but your agency does not have to provide the dollar amount for its collections or remittance.

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We carry the maximum $20,000.00 bond; must we complete the Collections/Remittance Information?

Answer: Yes.

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Does the Collections/Remittance Information pertain to all of our clients or just my agency’s Colorado clients?

Answer: The Collections/Remittance Information must provide information of your remittances to all of your clients regardless of their locations.

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Do we have to use the Verified Financial Statement form included in the license renewal application or can we just submit a verified financial statement that has been prepared by our accountant?

Answer: If you already have a Verified Financial Statement for the immediate preceding year prepared by your accountant, you may submit that in lieu of using our form.

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Which Trust Account do I need to report?

Answer: Only trust accounts located in a bank outside of Colorado.

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We have several Trust Accounts; do we need to include every trust account that we have?

Answer: Yes, every trust account maintained by your collection agency in a bank outside of Colorado must be reported on the Out Of State Trust Account Affidavit.

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Do we have to execute a separate Out Of State Trust Account Affidavit?

Answer: For every trust account that you collection agency maintains outside of Colorado, your agency must execute a separate Out Of State Trust Account Affidavit.

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We have multiple Trust Accounts. Can we execute one Out Of State Trust Account Affidavit and attach a list of the other out-of-state Trust Accounts?

Answer: No.

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