(a) The application must be accompanied by
(1) if it is an original application, the application fee;
(2) the biennial license fee for a collection agency for the principal place of business and the same amount for each branch office;
(3) a bond running to the state with a surety or sureties to the satisfaction of the department, and conditioned that the licensee shall, within 30 days after the close of each calendar or fiscal month, report and pay to the licensee's customers the net proceeds due and payable of all collections made during the calendar or fiscal month that exceed $20.
(b) All money collected by an agency belonging to a client shall be deposited in a trust account and cleared at the end of each month. The department may audit any agency transaction.
Section: Previous 08.24.080 08.24.090 08.24.100 08.24.110 08.24.120 08.24.130 08.24.135 08.24.140 08.24.150 08.24.160 08.24.170 08.24.180 08.24.190 08.24.200 08.24.210 NextLast modified: November 15, 2016