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Debt buyer

License requirements

House Bill 2356, passed by the 2017 Oregon Legislature and effective Jan. 1, 2018, requires people to obtain a license from the Division of Financial Regulation if they engage in purchasing charged-off debt for the purpose of collecting it or hiring another to collect it. This license is separate from the collection agency license. Effective Jan. 1, 2018, a person who wants to act as both a debt buyer and a collection agency must have both a debt buyer license and a collection agency license. Click here for information on the difference between the collection agency registration and debt buyer license.

How to apply

All applications for an Oregon debt buyer license must be filed through the Nationwide Multistate Licensing System (NMLS). The NMLS website has instructions on how to submit an application for Oregon, or any other state. NMLS has a resources and support section that may be helpful, particularly for first-time users.

Application requirements

An application for a debt buyer license submitted through the NMLS must meet all of the following requirements:

  • Be completed with any other trade names the company intends to use in buying debt, collecting debt, or both in Oregon.
  • Include a registered agent in Oregon.
  • Include an errors and omissions insurance policy in the amount that will be set by rule.
  • Identify all of the applicant’s directors, members, officers, managers, partners and controllers, including completing a MU2, providing fingerprints if they are not on file with NMLS, and authorizing both a criminal records check and a credit report.
  • Include answers to disclosure questions for the company, the controllers and the branch managers. There is more information on the questions available through the NMLS application process . If you answer yes to any disclosure question, you must provide an explanation. This chart details information that you must provide in response to an affirmative answer.
  • Show that all directors, members, officers, managers, partners, and controllers have demonstrated financial responsibility, character, and general fitness to command the confidence of the community and warrant that the company will operate honestly, fairly and efficiently.
  • Upload company polices showing the training required by staff regarding fair debt collection practices, fair credit reporting, and information security.
  • Pay the nonrefundable application fee of $450.
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