§ 32-1025 — Annual renewal of license; suspension; expiration

A. Except as provided in section 32-4301, a person desiring to secure renewal of a collection agency license shall file a financial statement, make a renewal application to the department and pay the fees prescribed in section 6-126 not later than December 31 of each year on forms prescribed by the deputy director setting forth verified information to assist the deputy director in determining whether the applicant is in default of or in violation of the terms of this chapter and whether the applicant is still meeting the requirements of this chapter. If the renewal applicant is unable to make a financial statement at the time of filing the application, the applicant may make a written request for an extension of time to file such financial report, and if the extension is granted the applicant shall file a financial statement not later than March 1.

B. Licenses that are not renewed on or before December 31 are suspended by operation of law. A licensee may renew a suspended license by submitting to the department the fees prescribed in section 6-126 along with a renewal application and any applicable late fee, as may be determined by the deputy director by rule, before January 31. Licenses that are not renewed on or before January 31 expire.