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What is NYC AC § 20-492?

Quick Answer

This section outlines the application process for obtaining or renewing a debt collection agency license, including required information and fees. The commissioner oversees the application and approval process, which includes specific requirements for non-resident applicants and contracts related to child support payment debt collection. Applies to debt collection agencies operating in New York City.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 20-492 Applications.

AC § 20-492

a. Each person applying for a debt collection agency license or renewal thereof shall file an application in such form and detail as the commissioner may prescribe and shall pay the fee required by this subchapter. b. In addition to any other information required, the commissioner shall require the following information: 1. The name and address of the applicant.

2.The applicant who is a non-resident of the city shall provide the name and address of a registered agent within the city or designate the commissioner as his or her agent upon whom process or other notification may be served. c. Any debt collection agency subject to the provisions of section 20-494.1 shall furnish to the commissioner a current version of the disclosure form required under section 20-494.1(e) together with a copy of such agency's standard contract for child support payment debt collection services upon applying for a debt collection agency license or renewal thereof. Any contract for child support payment debt collection services shall not be deemed valid or in force and effect until the department has completed a review of and approved a debt collection agency's standard contract, which review shall be completed and approval or disapproval provided within ninety days after submission of such contract to the department. Any amendment or modification of such standard contract or disclosure form shall be provided to the commissioner within sixty days following such amendment or modification. Editor's note: For related unconsolidated provisions, see Appendix A at L.L. 2003/070.

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