Skip to main content
Find a Lawyer

Arkansas Code Title 17. Professions, Occupations, and Businesses § 17-24-103. Penalties

Current as of March 28, 2024 | Updated by Findlaw Staff

(a)(1) A collection agency that engages in the business activities of a collection agency without a license issued under this chapter may be fined not less than fifty dollars ($50.00) nor more than five hundred dollars ($500).

(2) Each day of a violation of this chapter is a separate offense.

(3)(A) If a collection agency participates in collection activities without a license, the collection agency may pay a civil penalty to the State Board of Collection Agencies of ten thousand dollars ($10,000) in order to be considered retroactively licensed under this chapter by the board.

(B) As used in this chapter, “retroactively licensed” means the date that the collection agency first became subject to licensure under this chapter.

(b)(1) The board may impose monetary fines as civil penalties to be paid for failure to comply with this chapter or the rules promulgated by the board under this chapter.

(2) Before imposing a monetary fine under subdivision (b)(1) of this section, the board shall provide notice and opportunity to be heard according to hearing procedures in effect for the revocation, suspension, or refusal of licensure.

(3) The remedies in the form of civil penalties provided in this section for failing to obtain a license issued under this chapter shall be the only consequence of and remedy for the failure of a collection agency to obtain a license when required under this chapter.

(c) The board has exclusive jurisdiction over the rights and remedies or a violation of the rules under this chapter.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Arkansas Code Title 17. Professions, Occupations, and Businesses § 17-24-103. Penalties - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-17-professions-occupations-and-businesses/ar-code-sect-17-24-103/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard