Collection agency licensure amended

Collection agencies are required to run criminal background checks, search for locations of past residences and conduct other screening processes on applicants to determine whether they are eligible for collector registration.

Debt collectors must also give written notice to the state regarding change of address and name within 30 days. A new law will also ban those who have been convicted of identity theft or financial crime from being registered by the state.

Signed April 23 by Gov. Mark Dayton, the law takes effect Aug. 1, 2012.

Rep. Tim Sanders (R-Blaine), who sponsors the law with Sen. Dave Thompson (R-Lakeville), said it “expands consumer protection and clarification in the debt collector industry.”

HF2335*/ SF1888/CH225