Wyoming Administrative Code Agency 031 - Collection Agency Board
Wyoming Administrative Code: Agency 031 – Collection Agency Board
The Collection Agency Board in Wyoming regulates the operation of collection agencies within the state. Its rules are codified under Agency 031 in the Wyoming Administrative Code (WAC).
Purpose of the Board
The Board exists to:
License and regulate collection agencies.
Ensure fair and ethical practices in debt collection.
Protect consumers from abusive or unlawful collection practices.
Enforce compliance with state laws regarding debt collection.
Key Rules and Areas of Regulation (Agency 031)
Licensing Requirements
Agencies must obtain a license to operate in Wyoming.
Owners, officers, or managers may need to meet certain qualifications.
Renewal and reinstatement procedures for licenses.
Bonding and Financial Responsibility
Agencies must maintain a surety bond to protect consumers.
Requirements for financial records and reporting to the Board.
Operational Standards
Maintaining accurate records of accounts and collections.
Ensuring agents follow ethical collection practices.
Restrictions on harassment or deceptive tactics.
Fees and Assessments
Licensing fees, renewal fees, and penalties for late payments or violations.
Examinations and Inspections
Board authority to inspect agency records.
Audits to ensure compliance with financial and operational standards.
Consumer Complaint Procedures
Handling and investigation of complaints against collection agencies.
Procedures for hearings and disciplinary action if rules are violated.
Disciplinary Actions
Grounds for suspending or revoking a license.
Penalties for noncompliance with rules or Wyoming statutes.
Summary
Agency 031 ensures that collection agencies in Wyoming operate legally and fairly, protecting both consumers and the public trust in the financial system. It sets rules on licensing, operations, record-keeping, bonding, and ethical standards for debt collection.
RELATED Blog
comments