What is the license fee schedule, and how does it affect the amount I am required to pay?
To maintain a standard renewal schedule, the Bureau of Consumer Credit Protection requires companies whose registered trade name begins with the letters A-M to renew their license on even years (e.g. 2006, 2008, 2010), while companies beginning with N-Z to renew on odd years (2007, 2009, 2011). The Bureau of Consumer Credit Protection charges a $600 license fee if over 12 months remain, and $300 if less than 12 months remain, before the next renewal cycle. My collection company has two branches, a main office and a second smaller office. Both branches actively collect debts from Maine consumers. I received a debt collection license for my main office. Am I in compliance with Maine’s Fair Debt Collection Practices Act (FDCPA)? No, your company does not currently meet Maine FDCPA standards. Any office that conducts direct debt collection in Maine must have an individual license. In this case, your branch office must apply for a “branch license” in order for your company to fully comply w
