(a)As used in this section, "Nationwide
Multistate Licensing System" refers to a multistate licensing system
owned and operated by the State Regulatory Registry, LLC, or by a
successor or an affiliated entity, for the licensing and registration of:
(2)mortgage loan originators;
(3)other financial services entities; and
(4)employees and agents of the persons described in subdivisions
(1)through (3).
The term includes "NMLS" and any other name or acronym that may
be assigned to the system by the State Regulatory Registry, LLC, or by
a successor or an affiliated entity of the State Regulatory Registry,
LLC.
(b)Any person desiring to conduct a collection agency shall make
an application to the secretary of state upon such forms as may be
prescribed by the secretary of stat
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(a) As used in this section, "Nationwide
Multistate Licensing System" refers to a multistate licensing system
owned and operated by the State Regulatory Registry, LLC, or by a
successor or an affiliated entity, for the licensing and registration of:
(1) creditors;
(2) mortgage loan originators;
(3) other financial services entities; and
(4) employees and agents of the persons described in subdivisions
(1) through (3).
The term includes "NMLS" and any other name or acronym that may
be assigned to the system by the State Regulatory Registry, LLC, or by
a successor or an affiliated entity of the State Regulatory Registry,
LLC.
(b) Any person desiring to conduct a collection agency shall make
an application to the secretary of state upon such forms as may be
prescribed by the secretary of state. Such application shall include the
following:
(1) If the applicant is an individual:
(A) the individual's name;
(B) the individual's residence address;
(C) the address of each location from which the individual
carries out the activities of the collection agency; and
(D) a statement that the individual satisfies the qualifications
set forth in section 4 of this chapter.
(2) If the applicant is a partnership:
(A) the name of each partner;
(B) the business address of the partnership;
(C) the residence address of at least one (1) of the partners;
(D) the address of each location from which the partnership
carries out the activities of the collection agency; and
(E) a statement that each partner in the partnership satisfies the
qualifications set forth in section 4 of this chapter.
(3) If the applicant is a limited liability company:
(A) the date and place of organization;
(B) the name of the limited liability company;
(C) the business address of the limited liability company;
(D) the residence address of at least one (1) of the managers or
members of the limited liability company; and
(E) a statement that each of the managers and members in the
limited liability company satisfies the qualifications set forth in
section 4 of this chapter.
(4) If the applicant is a corporation:
(A) the date and place of incorporation;
(B) the name of the corporation;
(C) the business address of the corporation;
(D) the residence address of at least one (1) of the officers of
the corporation; and
(E) a statement that each of the officers of the corporation
satisfies the qualifications set forth in section 4 of this chapter.
The application shall be duly sworn to before an officer qualified to
administer oaths. The application shall set forth in the application any
other verified information which will assist the secretary of state in
determining the qualifications of the applicant to meet the requirements
of a collection agency as set forth in this chapter.
(c) Every original and renewal application of any person desiring to
conduct a collection agency shall be accompanied by a fee of one
hundred dollars ($100) plus an additional fee of thirty dollars ($30) for
each branch office operated by the applicant whether as sole owner,
partnership, limited liability company, or corporation.
(d) Any person desiring to secure a renewal of a collection agency
license shall make a renewal application to the secretary of state not
later than January 1 of the year following the year in which the person's
license expires under section 5 of this chapter. The application shall be
made on such forms as the secretary of state may prescribe. Such
application shall contain in the application verified information that
will assist the secretary of state in determining whether or not the
applicant is in default, or is in violation of any of the provisions of this
chapter, and whether or not the applicant has at all times complied with
the requirements of this chapter in the operation of the applicant's
collection agency.
(e) Each renewal application shall be accompanied by the renewal
fee and an additional fee of thirty dollars ($30) for each branch office
maintained and operated by the applicant.
(f) An original application or a renewal application under this
section must be accompanied by the following:
(1) An electronic corporate surety bond that is:
(A) filed by the applicant collection agency; and
(B) satisfactory to the commissioner;
in an amount calculated to equal the sum of five thousand dollars
($5,000) for each office the applicant operates in Indiana. A
collection agency's bond must run to the people of Indiana and
must be furnished by a surety company authorized to do business
in Indiana. A collection agency's bond must be conditioned upon
the faithful accounting of all money collected upon accounts
entrusted to the collection agency and must be continuous in form
and remain in full force and effect and run continuously with the
license period and any renewal period. A collection agency's bond
must further be conditioned upon the provision that the applicant
shall, not later than sixty (60) days from the date of the collection
of any claim, render an account of and pay to the client, for whom
collection has been made, the proceeds of such collection less the
charges for collection agreed upon by and between the applicant
and the client. A collection agency's bond shall be filed through
the NMLS. A collection agency's bond that is filed through the
NMLS and approved by the secretary of state is for the use and
benefit of all persons damaged by the wrongful conversion of any
money by the collection agency, and any individual so injured or
aggrieved may bring an action upon the bond. The surety
company may notify the secretary of state and principal of its
desire to terminate its liability under any bond furnished. Upon
receipt of such notice by the secretary of state, the secretary of
state shall require the principal to file a new bond or discontinue
all operations not later than the date that is thirty (30) days after
the secretary of state's receipt of the notice. If a new bond is filed
by the principal, all liability under any previous bond ceases and
terminates. If a new bond is not filed within the thirty (30) day
period described in this subdivision, the secretary of state shall,
after expiration of the period, revoke the principal's license.
(2) Any applicant who is a nonresident of Indiana shall also
submit a statement appointing an agent or attorney resident upon
whom all legal process against the applicant may be served. The
statement must contain a stipulation that the applicant agrees that
service of legal process upon such agent or attorney constitutes
valid service upon the applicant.
(g) Subject to subsection (h), the secretary of state may designate
the NMLS or another multistate automated licensing system and
repository, established and operated by a third party, to serve as the
sole entity responsible for:
(1) processing applications for:
(A) licenses under this chapter; and
(B) renewals of licenses under this chapter; and
(2) performing other services that the secretary of state
determines are necessary for the orderly administration of the
secretary of state's licensing system under this chapter.
The secretary of state may take any action necessary to participate in
the NMLS or another multistate automated licensing system and
repository.
(h) The secretary of state's authority to designate the NMLS or
another multistate automated licensing system and repository under
subsection (g) is subject to the following:
(1) The secretary of state may not require any person that is not
required to be licensed under this chapter, or any employee or
agent of a person that is not required to be licensed under this
chapter, to:
(A) submit information to; or
(B) participate in;
the NMLS or another multistate automated licensing system and
repository.
(2) The secretary of state may require a person required under this
chapter to submit information to the NMLS or another multistate
automated licensing system and repository to pay a processing fee
considered reasonable by the secretary of state.
Formerly: Acts 1937, c.92, s.3; Acts 1955, c.304, s.3. As
amended by Acts 1978, P.L.12, SEC.8; P.L.8-1993, SEC.377;
P.L.178-1996, SEC.2; P.L.85-2012, SEC.8; P.L.136-2018, SEC.141;
P.L.152-2020, SEC.11.