In Colorado, entities engaged in the debt collection business are required to obtain a Collection Agency license. This license is also required for out-of-state collection agencies who collect debt for a creditor located within Colorado from Colorado consumers, as well as agencies who solicit debts from Colorado-based creditors.
A Collection Agency license is not required of agencies which collect only business, investment, commercial, and agricultural purpose debts. Individuals using their own name when collecting their own debts do not require licensure either.
The State of Colorado Attorney General's Office – through the Administrator of the Colorado Fair Debt Collection Practices Act (CFDCPA) – regulates and supervises debt collection activities in the state.
Access Colorado Consumer Collection Agency License Forms and Related Documents
The Collection Agency application forms are available via the CFDCPA on the Collection Agency Regulation page. To obtain a license, complete the following:
- Collection Agency license application form available here.
Note: As document links are updated regularly, they may have expired. If you cannot access the application, go directly to the CO Collection Agency Regulation page to find the form you need.
Fulfill Requirements and Obtain Required Documents
Along with your completed license application form, you are also required to arrange the following:
- Colorado Office - Licensed agencies are required to maintain an office within the state of Colorado. The office should be open to the public (during business hours).
- Certificate of Good Standing - The certificate must be issued by the CO Secretary of State and is required of all LLCs, corporations, and limited partnerships.
- Financial Statement - Attach a financial statement for the previous year with the agency’s net worth, assets, and liabilities displayed. You are required to use the form provided in the application.
- Bank Account Information - Collection agencies that receive consumer payments must maintain a Trust Account in a commercial/industrial bank or savings and loan association.
- Collectors and Solicitors List - Submit a complete list of all debt collectors and solicitors currently employed by the agency, as well as any aliases used.
- Collections Manager - Each licensed collection agency must be supervised by a Colorado-approved collections manager.
Obtain Your CO Collection Agency Bond
Collection Agencies in Colorado are required to furnish a cash bond or surety bond with the license application. The bond amount must be at least $12,000 without exceeding $20,000. The amount is calculated yearly, depending on the licensee’s annual collections.
- Bond Amount: $12,000 - $20,000
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Fees may be paid with a check made payable to the Colorado Fair Debt Collection Practices Act. All fees are non-refundable.
- CO Investigation Fee: $500
- License Application Fee: $1,000
Note: The License Application fee should not be sent until you have been notified by the CFDCPA
Submit Your Collection Agency License Application
Colorado Fair Debt Collection Practices Act
Ralph L. Carr Colorado Judicial Center
1300 Broadway, 6th Floor
Denver, CO 80203
For further information, you may contact the Collection Agency Licensing staff at [email protected] or (720) 508-6020.