§443B-3.5 Designation as exempt out-of-state collection agency; limitations on business practices; fees; disciplinary action. (a) A collection agency that is not registered as a collection agency in the State may apply for designation as an exempt out-of-state collection agency by complying with the requirements of this section.
(b) To be designated as an exempt out-of-state collection agency, a collection agency shall:
(c) An applicant for designation as an exempt out-of-state collection agency shall submit the following:
(d) A designated exempt out-of-state collection agency may apply for renewal of the exemption biennially by June 30 of each even-numbered year.
(e) A collection agency that is designated as an exempt out-of-state collection agency shall be exempt from the registration requirements of this chapter and bonding requirements of section 443B-5; provided that this section shall not exempt a collection agency from the requirements of other laws that regulate collection practices in the State, including but not limited to the requirements of chapter 480D and this chapter.
(f) A designated exempt out-of-state collection agency shall not:
(g) A collection agency shall not collect or attempt to collect any money or any other form of indebtedness alleged to be due and owing from any person who resides or does business in the State without first registering under this chapter, or being designated as an exempt out-of-state collection agency pursuant to this section.
(h) A designated exempt out-of-state collection agency shall notify the director in writing of any judgment, award, disciplinary action, consent decree, or order issued against it in any jurisdiction within thirty days of the entry of the judgment, award, disciplinary action, consent decree, or order.
(i) The failure of a designated exempt out-of-state collection agency to maintain a current, unrestricted, and unconditional license, permit, or registration in the reciprocal state identified in its application shall cause the automatic forfeiture of the exemption effective as of the date on which the designated exempt out-of-state collection agency's license, permit, or registration is no longer current, unrestricted, or unconditional in the reciprocal state identified in its application. Any collection activity by the designated exempt out-of-state collection agency after the forfeiture date shall be deemed to be unlicensed activity. An out-of-state collection agency whose exemption is forfeited shall apply as a new applicant for an exemption in order to resume business in the State.
(j) The remedies or penalties provided by this section are cumulative to the remedies or penalties available under this chapter and all other laws of the State.
(k) Any collection activity by a designated exempt out-of-state collection agency, other than activity authorized by this section, shall be deemed to be unlicensed activity.
(l) The director may deny or refuse to renew an out-of-state collection agency's initial or renewal application for exemption for failure to comply with this section, or for the grounds set forth in sections 443B-4.57 or 436B-19.
(m) In order to effectuate this section and enforce the requirements of this chapter as it relates to designated exempt out-of-state collection agencies, the director is expressly authorized to initiate any action on behalf of the State as may be appropriate in any state or federal court of competent jurisdiction.
(n) For purposes of this section:
"Business presence in the State" means the creditor or an affiliate or subsidiary of the creditor has an office in the State.
"Reciprocal state" means a state: