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North Dakota Collection Agency License Guide

In North Dakota, entities operating in the business of collecting owed or due debts must obtain a Collection Agency license. Licensure is also required of entities who, for collection purposes, solicit and accept assignment of debts. Collection agency licenses are supervised and issued by the North Dakota Department of Financial Institutions (DFI) .


All new license applications must be submitted online through the Nationwide Mortgage Licensing System (NMLS) .

1

All license applications are available on the North Dakota NMLS page . There are a number of company, branch, and individual license types. To apply for a collection agency license, complete the following forms:


  • Collection Agency License application form available here .
    • Collection Agency Branch registration form available here .

Collection Agency License is required prior to obtaining a Branch registration.


Note: Document links are updated regularly. If the links have expired, go directly to the North Dakota NMLS page to find the form you need.


2

Fulfill Requirements and Obtain Required Documents

  • Company Form : In NMLS, the company form acts as the application for the Collection Agency license.

  • Other Trade Name : If applicable, list all names (different from the legal name) that you use and provide a copy of the Certificate of Authority issued by the ND Secretary of State.

  • Resident/Registered Agent : This section must be completed with the information provided on your North Dakota Secretary of the State records.

  • Bank Account : Include complete information on the company’s line/letter of credit, operating accounts, and/or trust primary accounts.

  • Qualifying Individual : Designate and list a Qualifying Individual for North Dakota jurisdiction.

  • Credit Report : Any individual who is in a position of control must authorize a credit report and complete an Identity Verification Process.

  • Disclosure Questions : Provide an explanation and upload applicable documents for each “yes” answer.

  • Financial Statements : Applicants are required to submit a company financial statement including (if available) income statement, statement of cash flows, balance sheet or any other relevant notes.

  • Individual FBI Criminal Background Check : The individuals listed below must authorize a background check via NMLS and, if required, schedule a fingerprint appointment.
    • Executive Officers: presidents and/or CEOs
    • Direct Owners: shareholders of 25% or more direct ownership
    • Indirect Owners: shareholders of 25% or more indirect ownership

  • Business Plan : Submit a plan that includes products, target markets, a marketing strategy, and an operating structure.

  • Relevant Documentation :
    • Certificate of authority/good standing (applies to corporations and LLCs).
    • Management Chart
    • Organisational Chart or Description

  • (Attached) Personal Financial Statement : Anyone who owns 25% or more of the company stock must submit a personal financial statement. The statement should be dated within 30 days before the application date.

  • (Attached) Solicitors/Debt Collectors : List all company solicitors or debt collectors.


If you need assistance with the above highlighted forms, please visit the “Quick Guides” page .



3

Obtain Your ND Collection Agency Bond

All Collection Agency license applicants are required to provide a surety bond. Note that in North Dakota, you are required to manage your surety bond using a fully electronic process.


  • Bond Amount : $20,000


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4

License Fees

All fees are non-refundable and non-transferable.


  • ND Initial Licensing Fee : $400
  • Credit Report Fee : $15
  • FBI Criminal Background Check Authorization Fee : $36.26
  • Annual License Fee : $400

5

Submit Your Collection Agency License Application

All online license applications must be submitted via NMLS . Note that some documentation – such as the Personal Financial Statements and Solicitors/Debt Collectors list – must be mailed directly to the Department of Financial Institutions.


Mailing Address:
ND Department of Financial Institutions
Consumer Division
2000 Schafer Street, Suite G
Bismarck, ND 58501


For assistance with NMLS, you may contact their call center at (855) 665-7123.


For further information regarding the licensing process in North Dakota, contact the DFI at [email protected] or (701) 328-9933.


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