Oregon Launches Debt Buyer Licensing Application

/Oregon Launches Debt Buyer Licensing Application

November 13, 2017(Sacramento, CA) – Earlier this month, the State of Oregon launched the application for its new Debt Buyer license. Pursuant to Chapter 625 of the Laws of 2017, Oregon becomes the first state in the nation to adopt a stand-alone licensure requirement for debt buyers. In most states that require a license for debt collection activity, debt buyers are generally considered “debt collectors” or “collection agencies” for that purpose.

RMA appreciates the willingness of the Oregon Division of Consumer and Business Service (DCBS) to work with the industry in the development of regulations and administrative requirements for the implementation of this new law. DCBS has shown a desire to address RMA’s concerns regarding program fees, safe harbor protections for early applicants, and clarity regarding in what instances a company must maintain both a debt buyer and collection agency license.

Here are the resources you will need as you begin the application process:

Please note, under this law if you are a debt buyer and also perform third-party collections, you will be required to maintain both a debt buyer and collection agency license in Oregon.

This release is for informational purposes and is in no way intended to provide legal advice. Readers are encouraged to consult with an attorney of their choice for legal advice concerning this matter.

About Receivables Management Association International

Receivables Management Association International (RMA) is the nonprofit trade association that represents more than 550 companies that purchase or support the purchase of performing and nonperforming receivables on the secondary market. The Receivables Management Certification Program and Code of Ethics set the global standard within the receivables industry due to its rigorous uniform industry standards of best practice which focus on the protection of the consumer. RMA provides its members with extensive networking, educational, and business development opportunities in asset classes that span numerous industries. The association continually sets the standard in the receivables management industry through its highly effective grassroots advocacy, conferences, committees, task forces, publications, webinars, teleconferences, and breaking news alerts. Founded in 1997 as the Debt Buyers Association, RMA is headquartered in Sacramento, California.

2017-11-14T14:55:50+00:00 November 13, 2017|Press Releases, Public News|