Collection Agency

From the Desk of the Regulator: North Carolina

By Cornerstone SupportApril 6, 2016
 

The North Carolina collection agency 2016 renewal application process opens April 7 and closes midnight June 30.

Financial Statements

  • Ensure that the balance sheet meets the statutory licensing requirement of a positive net worth/equity greater than $5,000.
  • An officer attestation is required for internally prepared statements, as well as compilations prepared by a CPA/firm.

Demographic Updates (address/license contact/officers, owners) can be made using any of the three (3) choices:

  1. April 7th thru June 30th: Using the electronic renewal application
  2. July 1st thru April 1st: Click here.
  3. Anytime: Submission of paper address change request form

Surety Bonds

  • Continuation certificates and/or riders can be provided in lieu of a new bond.
  • The bond expiration date should not occur before June 30, 2017.
  • The bond calculation worksheet determines the amount of Renewal Bond #1. The minimum amount of this bond is always $10,000 and the maximum amount is $75,000. Depending on the amount of line (E) on the worksheet, the bond can be any amount in between.

Notifications

  • If you don’t receive an email confirmation, your renewal application has NOT been received. Remember to press SUBMIT when ready…Literally!!
  • Confirm the email addresses of all company contacts – it is recommended that a single email address NOT be used for everyone.
  • Renewal reminders will be sent every 30-days until the deadline date.
  • Do not wait until the last minute to apply; extensions are typically NOT granted.
  • Non-renewed licenses lapse at midnight June 30, 2016.

For more information visit us on the web: NC DOI Home Page

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