Obtain a License
To obtain an Arkansas collection agency license you must submit the following:
- Application for a Collection Agency License. It must be signed and notarized. (See the form and instructions below.)
- Surety Bond. The surety bond must be issued by a bonding company/insurance company, signed by a representative of the collection agency, have a power of attorney attached and show the physical address of the collection agency. The dollar amount of the bond is based on the number of collectors employed by the collection agency. For five or fewer collectors the bond amount must be $10,000; for six to twelve collectors the bond amount must be $20,000 and for thirteen or more collectors the bond amount must be $25,000. (Please use the form below.)
- Proposed Manager Information form. This form authorizes us to obtain the credit report of the person whom you are proposing to use as the manager of your collection agency. You will be notified if the proposed manager’s credit history is not acceptable.
- Check for payment of licensing fee, registration of manager and collectors.
Forms for obtaining a license:
Obtain a Retroactive License
To obtain a retroactive license, you must first obtain a regular license. An agency may complete the Application for Collection Agency License form and the Retroactive License Application form and submit them to our office at the same time. Our office will need a single check for the full amount of the regular license fees and the retroactive license fee of $10,000.
A current licensed collection agency may apply for the retroactive license at any time after they have been issued a license number by our office.
Application processing time is approximately three weeks for either type of license.