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1. COLLECTION AGENCY REGISTRATION
2. COLLECTION AGENCY VERIFICATION

COLLECTION AGENCY REGISTRATION

Once the application is reviewed by the Attorney General's office, the registration of the bond will be mailed to you. A debt collection agency operating on a contingency fee will be entitled to its fee only after successfully collecting your debt.

COLLECTION AGENCY VERIFICATION

If remote notarization is used, the phrase “personally appeared” on the Acknowledgement of Principal must be changed to “remotely appeared using communication technology.” Note that for witnessing signatures by live video, parties to the transaction may use the same forms of identity verification outlined in the guidance for remote notarizations. 26.įor more information on remote notarization, visit our Notary Public Search page. Remember when filing, that two witnesses other than the principal are required for each signature.įor the duration of the Public Health Emergency and State of Emergency declared by Governor Murphy in Executive Order 103 of 2020, (1) witnessing signatures by live video is permitted for the purpose of completing this application, and (2) remote notarization is allowed as specified in L. The fee for processing these documents is $25.00. Just to give an idea of what kind of fees you could be looking at: Say that you owe 75,000 in student loans, at the bare minimum collection fees can be an additional 13,500.

These fees can amount to 18-40 of your remaining student loan balance. When submitting the application, a finance statement from the surety company and an executed Power of Attorney form establishing the Attorney-in-Fact as the Surety's authorized legal representative must be attached. The collection agency will impose a collection fee for the trouble of collecting your loan.

The "Public Records Filing for New Business Entity" form must be on file before the collection agency bond application is submitted.

The application will attest that a $5,000 bond has been filed with the State of New Jersey as required by statute.Īll business entities (including out-of-state businesses) must be on file with the State of New Jersey. COM: Commercial Collection Agencies Chapter 559 Part V, Florida Statutes: The registration authorizes the holder to collect or solicit collection for. Anyone who is operating a collection agency or is in the business of collecting or receiving payment for others of any account, bill, or other indebtedness must annually file a Collection Agency Bond Application. Collection agencies are regulated both at the State and Federal levels: At the State level collection agencies are subject to the State’s Statute of limitations, wage garnishment rules, maximum interest regulations, bad check laws and licensing if required.