The term includes "NMLS" and any other name or acronym that may be assigned to the system by the State Regulatory Registry, LLC, or by a successor or an affiliated entity of the State Regulatory Registry, LLC.
The application shall be duly sworn to before an officer qualified to administer oaths. The application shall set forth in the application any other verified information which will assist the secretary of state in determining the qualifications of the applicant to meet the requirements of a collection agency as set forth in this chapter.
in an amount calculated to equal the sum of five thousand dollars ($5,000) for each office the applicant operates in Indiana. A collection agency's bond must run to the people of Indiana and must be furnished by a surety company authorized to do business in Indiana. A collection agency's bond must be conditioned upon the faithful accounting of all money collected upon accounts entrusted to the collection agency and must be continuous in form and remain in full force and effect and run continuously with the license period and any renewal period. A collection agency's bond must further be conditioned upon the provision that the applicant shall, not later than sixty (60) days from the date of the collection of any claim, render an account of and pay to the client, for whom collection has been made, the proceeds of such collection less the charges for collection agreed upon by and between the applicant and the client. A collection agency's bond shall be filed through the NMLS. A collection agency's bond that is filed through the NMLS and approved by the secretary of state is for the use and benefit of all persons damaged by the wrongful conversion of any money by the collection agency, and any individual so injured or aggrieved may bring an action upon the bond. The surety company may notify the secretary of state and principal of its desire to terminate its liability under any bond furnished. Upon receipt of such notice by the secretary of state, the secretary of state shall require the principal to file a new bond or discontinue all operations not later than the date that is thirty (30) days after the secretary of state's receipt of the notice. If a new bond is filed by the principal, all liability under any previous bond ceases and terminates. If a new bond is not filed within the thirty (30) day period described in this subdivision, the secretary of state shall, after expiration of the period, revoke the principal's license.
The secretary of state may take any action necessary to participate in the NMLS or another multistate automated licensing system and repository.
the NMLS or another multistate automated licensing system and repository.
IC 25-11-1-3