On May 5, 2010, the Maryland Office of the Commissioner of Financial Regulation issued an Advisory Notice stating that "a Consumer Debt Purchaser that collects consumer claims through civil litigation is a 'collection agency' under Maryland law, and required to be licensed as such." The Advisory is in response to a June 2007 letter, in which certain consumer debt buyers claimed confusion as to whether they were required to be licensed as a collection agency when collecting claims through civil litigation.
Under the clarified conditions, Consumer Debt Purchasers are required to apply for a Maryland Collection Agency License on or before August 31, 2010 to avoid action.
Call Cornerstone Support at 770-587-4595 to discuss any questions or concerns with one of our licensing experts.
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