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17-24-104. Sanctions.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-24-104. Sanctions.
(a) A collection agency that fails to remit to its client funds collected for the client within the calendar month following the month of collection, shall not be entitled to a collection fee and shall remit the total funds collected to the client.
(b) If a collection agency fails to remit funds collected to its client within the calendar month following the month of collection and does not remit the total funds collected for the client to the client within sixty-one (61) days of the date of collection, the State Board of Collection Agencies may:
(1) Suspend or revoke the license of the collection agency; and
(2) Impose a civil penalty under § 17-24-103.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-24-104
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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Record provenance
Stable record: arkansas_code:legal_authorities:17-24-104
Source file: gov.ar.code.title.17.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ab01b74f17cf1f8feb2f86f75644ca814557a8e3fd5b9d9104404af12a092de8
Source location: content.xml paragraph 5981
Stored source content
17-24-104. Sanctions.
(a) A collection agency that fails to remit to its client funds collected for the client within the calendar month following the month of collection, shall not be entitled to a collection fee and shall remit the total funds collected to the client.
(b) If a collection agency fails to remit funds collected to its client within the calendar month following the month of collection and does not remit the total funds collected for the client to the client within sixty-one (61) days of the date of collection, the State Board of Collection Agencies may:
(1) Suspend or revoke the license of the collection agency; and
(2) Impose a civil penalty under § 17-24-103.
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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. The source passage cites 17-24-103. This identifies an authority to review, not proof of applicability.