Florida Debt Collection Laws Require Valid Registration By Debt Collection Companies

Under the Florida Fair Debt Collection Practices Act (FFDCPA) 559.553

, consumer debt collection agencies must be registered.

Florida debt collection laws require debt collection agencies to be duly registered to engage in debt collection business in the state. These companies are requires to maintain a proper valid registration to do business in Florida. This statute came into existence from January 1, 1994 that demands each consumer collection agency in the debt collection business in Florida to renew registration annually (FFDCPA 559.555)

Registration by debt collection should be complete in all respects and applicable registration fee should be paid. The registrar's office may reject an application by a prospective registrant if the registrant or any principal of the registrant held a professional license or state registration and that was revoked or suspended and was not explained by the registrant. Not explaining the revocation or suspension to the satisfaction of the registration office or after a notice from the office attracts a rejection of the application. Such rejection is informed to the debt collection company.

This registration process is not applicable to any original creditor trying to collect debt or a member of the Florida Bar. This process is also not applicable to financial institutions authorized to do business in the state or their subsidiaries, real estate brokers, insurance companies authorized to do business in the state or any consumer finance company and wholly owned subsidiary thereof. This registration process also exempts out of state consumer debt accounts for collection from creditors with business presence in Florida and FDIC insured institutions.

Those debt collection companies not exempt from registration would be subject to enforcement by the state as specified in section 559.565.

The registration of consumer collection agencies requires furnishing the following to register:

A registration fee of $200 to be deposited by the office to the credit of the Regulatory Trust Fund office

Registrant shall provide the business name, trade name, current mailing address, current business location and full name of the principal of the registrant

A statement clearly detailing facts about holding any registration held by registrant, principal of registrant, or by any business entity in which any principal of the registrant was the owner

A former registration in which registrant or principal of registrant owned ten or more percent of such business

If the registration held by the registrant was the subject of any suspension or revocation

Renewal of old registrations is done between October 1 and December 31 of each year. There shall be no delay of the fee for any registration.

by: johnkenvin

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