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Wyoming Collection Agency License: Step-by-Step Guide

In Wyoming, entities engaged in any debt collection business for Wyoming creditors are required to hold a Collection Agency license. This license is required for any entity that uses a fictitious name to collect their own debt, as well as any entity that solicits debt owed to WY creditors.


The Collection Agency licenses are supervised and regulated by the Wyoming Division of Banking - Collection Agency Board .

1

License application forms can be accessed online on the License Application and Renewal page via the Collection Agency Board. To apply for a Collection Agency license, complete the following:


  • Collection Agency license application form available here .


Note: As document links are updated regularly, they may have expired. If this is the case, please go directly to the WY Collection Agency Board page to find the form you need.


2

Fulfill Requirements and Obtain Required Documents

Apart from your completed and signed license application, you are also required to provide the following:


  • Resident Manager - Each licensed collection agency is required to have a Resident Manager. Applicants are required to attach a copy of the written agreement between the agency and the Resident Manager.


Each new manager is required to have a minimum of 1 year of experience in the collection business, and must complete a Resident Manager examination. A Resident Manager may work for up to ten agencies in the state.


  • Certificate of Good Standing - Attach your most recent Certificate of Good Standing. The certificate must be issued by the Wyoming Secretary of State. Out-of-state companies are required to submit the most recent similar status certificate issued by their home state.

  • Sample Documentation - Provide a sample of the following: client contract, initial debtor notice, and accounting-to-consumer form.

  • Professional References - Submit 3 professional references using the form provided in the application and attach the form as an appendix.


3

Obtain Your WY Collection Agency Bond

License applicants are required to file a continuing surety bond with the Collection Agency Board. Applicants should file the bond within 20 days after receiving application approval. However, the Board encourages applicants to submit their surety bond along with the license application in order to speed up the licensing process.


  • Bond Amount : $10,000


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4

License Fees

Fees should be paid with a check made payable to the Wyoming Collection Agency Board. All fees are non-refundable.


  • License Application Initial Fee : $500

  • Resident Manager Exam : $100

  • License Renewal Fee : $150


5

Submit Your Collection Agency License Application

The completed Collection Agency license application – as well as all applicable attachments – must be filed via mail.


Mailing Address: Wyoming Collection Agency Board
Herschler Building
122 West 25th Street, 3rd Floor West
Cheyenne, WY 82002


For further assistance or questions, please contact the WY Collection Agency Board at [email protected] or (307) 777-3497.



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