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VT Third Party Loan Servicers Must Be Licensed Effective January 1, 2011

IMPORTANT NOTICE: Your attention is drawn to S.287 which was recently passed by the Vermont Legislature and is awaiting the Governor's signature. Effective January 1, 2011, S.287 will require third party loan servicers to be licensed.   

                                        http://www.leg.state.vt.us/docs/2010/bills/Senate/S-287.pdf

Legislation is being proposed to modernize Wyoming's collection agency statutes

PROPOSED LEGISLATION - 2009

Legislation is being proposed to modernize Wyoming's collection agency statutes.  Changes are being recommended in the following areas: - Transfer licensing and regulation of collection agencies from Collection Agency Board to Division of Banking - License application to include background checks for the collection agency owners and persons in charge - Increase surety bond to $25,000 - Eliminate the requirement for resident managers - Uniform license renewal date - December 31 - Change renewal application requirements to include updates to original application and financial statement - Provide for examinations of collection agencies - Provide for restitution to consumers for overcharged fees - Change in control of a license - 25 % change in ownership - Record retention schedule  The proposed legislation modernizes Wyoming's collection agency regulation by: - Enhancing efficiencies in the licensing area, - Ensuring that persons using the services of a collection agency are properly represented and - Protecting Wyoming consumers from improper and abusive methods used by some collection agencies. Send your questions or comments to:  maitchison@wyaudit.state.wy.us Proposed legislation  http://audit.state.wy.us/banking/cab/10LSO-0071_w6.pdf