Form Bls-700-335 - Instructions For Application Collection Agency
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1Instructions for application
COLLECTION AGENCY
COLLECTION AGENCY BRANCH
OUT-OF-STATE COLLECTION AGENCY
License Descriptions
A Collection Agency is a business that directly or
An Out-of-state Collection Agency is a business that
indirectly solicits claims for collection or that collects, or
directly or indirectly solicits claims for collection, or that
attempts to collect claims for clients located in Washing-
collects, or attempts to collect claims for clients (the
ton State and other states.
businesses for whom they collect) located only outside of
Washington State.
General Instructions
Complete application includes the following:
*
Out-of-state Collection Agency applicants:
• Master Business Application and appropriate fees
• A fee is not required for out-of-state collection agency
• Collection Agency Application Supplement form
licensure if the agency's home state requires licen-
(reverse of this page)
sure or registration but does not require a fee for
• Current Financial Statement showing liabilities and
similar out-of-state collection agencies. To have the
assets with a net worth of at least $7,500 ($5,000 of
license fee waived, include a copy of the regulations
which must be cash deposited in a bank account
from your home state.
used to operate the business)
• A fee is not required for branch offices of out-of-state
• $5,000 bond or cash deposit (in the form of a
collection agency license holders if the state where
cashier's check payable to State Treasurer)
the branch is located requires licensure or registration
• List of persons with more than 20% interest in the
but does not require a fee for similar out-of-state
business
collection agencies. To have the license fee waived,
• Appropriate Collection Agency Application fee:
include a copy of the regulations from your home
$900 for first location in Washington
state.
$350 for each branch office in Washington
• A bond is not required for out-of-state collection
*
$450 for first out-of-state location
agency licensure if the agency's home state already
$175 for each additional location of an out-of-state
requires a bond for collection agencies or does not
*
license
require a bond or similar legal alternative. To waive
the Washington bonding requirement, enclose proof
A business office must be maintained at the address
that your bond is current and copy of the regulations
listed on the license. Keep records at the business
from your home state for review.
office that are available to the Department for a period
• Out-of-state Collection Agencies are not required to
of four years.
have a trust account in Washington but must provide
the information requested in Section C of this form.
BLS-700-335 COLLECTION AGCY SUP (R/2/98)M/W Page 2 of 2
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