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CA multiple officer, multiple licenses?

Date: Sat, 09/08/2007 - 11:26

Submitted by goldenbast
on Sat, 09/08/2007 - 11:26

Posts: 2884 Credits: [Donate]

Total Replies: 6


Ok many of these CA's have offices all over the place. LVNV for example, in my credit report they are listed in South Carolina, but when I looked them up to see if they are bonded in my state it lists the office in Las Vegas Nevada.

So.....does each entity have to be bonded/licensed or does one license cover all entities?

Hmm I could call the secretary of state and ask them...but I like talking here. :lol:


After a bit of reading... In your state (Texas) a collector doesn't have to be licensed, but must post a $10,000 surety bond with the Texas Secretary of State. Call their office. If they haven't posted the surety bond, it is my understanding that you can sue them for the amount of the bond. I can now see why many collectors with an almost idiotic understanding of the law would get into trouble in Texas.


lrhall41

Submitted by Law Student on Sun, 09/09/2007 - 00:47

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Yes, they must be bonded..I said license but still the question applies. It just isn't specific enough...a CA must have a bond within Texas to collect...but what about companies that seem to have multiple branches/offices, whatever...which one would have to have the bond, the main office, or the office that is trying to actually collect?


lrhall41

Submitted by goldenbast on Tue, 09/11/2007 - 09:10

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Hi golden....I'll take a stab at this based on my past experience with yes, working in a collections call center (I was in college and needed the $$, what can I say)

We were a 1st party mortgage originator then turned into also doing 3rd party collections for other companies..originations was slow at the time.

Each collector in our company had to obtain a license with our company name and any sub-names and/or aliases in each state that required one (we did this for each person). However, in New Mexico and Colorado, we had to also have a "registered agent" in that state. Thus we paid a law office to act as our agent, but they didnt do any collections.

So, if the company has collectors licensed in each state, they can collect in every state regardless of the office location. As an example, we had offices in CA and NC...CA did the early AM calling, NC did the evening calls on the same portfolio.

Hope that helps a bit :)


lrhall41

Submitted by volleyballmom on Tue, 09/11/2007 - 09:30

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