debt collection
District of Columbia Debt Collection Laws & Regulations
Comprehensive guide to debt collection licensing requirements, regulations, and filing obligations in District of Columbia. Learn about licensing fees, bond requirements, key statutes, and regulatory bodies governing third-party debt collectors in District of Columbia.
Application process
To obtain a debt collection license in District of Columbia, applicants generally need to submit a completed application to the DC Department of Insurance, Securities and Banking, 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 District of Columbia 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 District of Columbia are also generally expected to comply with the federal Fair Debt Collection Practices Act (FDCPA). District of Columbia may impose additional requirements beyond federal standards, including restrictions on communication methods, required disclosures, and limitations on fees that may be collected.
