debt collection
Delaware Debt Collection Laws & Regulations
Comprehensive guide to debt collection licensing requirements, regulations, and filing obligations in Delaware. Learn about licensing fees, bond requirements, key statutes, and regulatory bodies governing third-party debt collectors in Delaware.
Application process
To obtain a debt collection license in Delaware, applicants generally need to submit a completed application to the Delaware Office of the State Bank Commissioner, provide a surety bond of $25,000, pass background checks for all control persons, and meet net worth or financial requirements. The application review typically takes 30-90 days.
Renewals
Debt collection licenses in Delaware generally require annual renewal. Renewal generally involves submission of a renewal application, payment of renewal fees, updated surety bond confirmation, and any required annual reports. Late renewals may incur additional penalties.
Third-party debt collectors operating in Delaware are also generally expected to comply with the federal Fair Debt Collection Practices Act (FDCPA). Delaware may impose additional requirements beyond federal standards, including restrictions on communication methods, required disclosures, and limitations on fees that may be collected.
Key statutes
- Delaware Consumer Debt Collection Licensing (5 Del. C. Ch. 79) . Requirements for consumer debt collectors
