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17-24-103. Penalties — Definition.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-24-103. Penalties — Definition.
(a)(1) A collection agency that engages in the business activities of a collection agency without a license issued under this chapter may be fined not less than fifty dollars ($50.00) nor more than five hundred dollars ($500).
(2) Each day of a violation of this chapter is a separate offense.
(3)(A) If a collection agency participates in collection activities without a license, the collection agency may pay a civil penalty to the State Board of Collection Agencies of ten thousand dollars ($10,000) in order to be considered retroactively licensed under this chapter by the board.
(B) As used in this chapter, “retroactively licensed” means the date that the collection agency first became subject to licensure under this chapter.
(b)(1) The board may impose monetary fines as civil penalties to be paid for failure to comply with this chapter or the rules promulgated by the board under this chapter.
(2) Before imposing a monetary fine under subdivision (b)(1) of this section, the board shall provide notice and opportunity to be heard according to hearing procedures in effect for the revocation, suspension, or refusal of licensure.
(3) The remedies in the form of civil penalties provided in this section for failing to obtain a license issued under this chapter shall be the only consequence of and remedy for the failure of a collection agency to obtain a license when required under this chapter.
(c) The board has exclusive jurisdiction over the rights and remedies or a violation of the rules under this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-24-103
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:17-24-103
Source file: gov.ar.code.title.17.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3ade988f3f4dafbe752564baf90e3e8cc162f6a50097e1c369cdc1c35776ec7b
Source location: content.xml paragraph 5961
Stored source content
17-24-103. Penalties — Definition.
(a)(1) A collection agency that engages in the business activities of a collection agency without a license issued under this chapter may be fined not less than fifty dollars ($50.00) nor more than five hundred dollars ($500).
(2) Each day of a violation of this chapter is a separate offense.
(3)(A) If a collection agency participates in collection activities without a license, the collection agency may pay a civil penalty to the State Board of Collection Agencies of ten thousand dollars ($10,000) in order to be considered retroactively licensed under this chapter by the board.
(B) As used in this chapter, “retroactively licensed” means the date that the collection agency first became subject to licensure under this chapter.
(b)(1) The board may impose monetary fines as civil penalties to be paid for failure to comply with this chapter or the rules promulgated by the board under this chapter.
(2) Before imposing a monetary fine under subdivision (b)(1) of this section, the board shall provide notice and opportunity to be heard according to hearing procedures in effect for the revocation, suspension, or refusal of licensure.
(3) The remedies in the form of civil penalties provided in this section for failing to obtain a license issued under this chapter shall be the only consequence of and remedy for the failure of a collection agency to obtain a license when required under this chapter.
(c) The board has exclusive jurisdiction over the rights and remedies or a violation of the rules under this chapter.
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