Legal Question in Credit and Debt Law in Arizona

Does Arizona require that debt buyers be licensed in Arizona to collect on the debt they own (not collecting for a third party since they have allegedly purchased the contract and now "own" the debt)? The statutes (as far as I can tell) don't specifically mention debt buyers. I am unclear as to whether or not debt buyers are considered collection agencies for the purpose of licensure.


Asked on 5/05/12, 10:01 am

1 Answer from Attorneys
Joyce Johnson-Stovall Johnson Stovall and Associates PLLC

Arizona Department of Financial Institutions licenses collection agencies... if a "debt buyer" is not going to try to collect the debt, it makes absolutely no sense to buy the debt. If you are going to try to collect a debt, you should acquire a license through the Arizona Department of Financial Institutions. That organization also regulates Debt Management organizations

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Answered on 5/05/12, 11:56 am


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