Requirement of Licensing as a Collection Agency.
Statutes
"No person can conduct a collection agency, act as a collection agency manager or engage within the state in the business of collecting claims for others or of soliciting the right to collect or receive payment from another of any claim or advertise or solicit either in print, by letter, in person or otherwise, the right to collect or receive payment for another of any claim or seek to make collection or obtain payment of any claim on behalf of another without having first applied for and obtained the licenses required by the Collection Agency Regulatory Act. NMSA §61-18A-5
Actions that do not constitute acting as a collection agency are included within NMSA §61-18A-2"
Cases
Comments
A lessor can be considered a collection agency, and is subject to licensure requirements, when the lessor collects debts for others.
Contributors
The statutory information was edited and reviewed with the support of MultiState