STATEMENT OF PURPOSE
RS27242 / H0399
The purpose of this legislation is to add a provision to allow collection agencies to collect incidental charges
included in the contract between the creditor and the debtor. Additionally, the legislation makes the licensing
process for collection agents, debt counselors, credit counselors, and credit repair entities similar to other
entities licensed by the Idaho Department of Finance by requiring the use of a nationwide system of licensing
and allowing for reinstatement of expired applications. Further, the legislation removes branch registration
requirements and extends licensing requirements to branch locations and increases license and renewal
application fees. Finally, the legislation eliminates quarterly agent reporting requirements and the associated
fees for quarterly reporting.
FISCAL NOTE
The proposed legislation increases license and renewal application fees collected by the Department, as well as
extending licensing requirements to branch locations, while also eliminating quarterly reporting requirements
and associated fees, applicable to persons licensed under the Idaho Collection Agency Act. The fiscal impact
to the Idaho Department of Finance State Regulatory Fund (FIAA) is an estimated loss of $250,000 in Fiscal
Year 2021.
Contact:
Anthony Polidori
Department of Finance
(208) 332-8060
DISCLAIMER: This statement of purpose and fiscal note are a mere attachment to this bill and prepared by a proponent
of the bill. It is neither intended as an expression of legislative intent nor intended for any use outside of the legislative
process, including judicial review (Joint Rule 18).
Statement of Purpose / Fiscal Note Bill SOP/FN INTRODUCED: 02/04/2020, 9:04 AM


Statutes affected:
Bill Text: 26-2222, 26-2223A, 26-2224, 26-2227, 26-2229A, 26-2230, 26-2231, 26-2240, 26-2246