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JBaxLaw, Attorney
Category: Business Law
Satisfied Customers: 11331
Experience:  Experienced in business formation and licensing issues
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Ok, since I have been licensed as a financial company, and

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Ok, since I have been licensed as a financial company, and you have determined I need to be a collection agency, and I have to reply to the State licnsing dept that, yes, I am a collection agency, will they fine me for collecting the past 90 days under the original license? Do I need to close and reopen? Or can I submit monies owed, get bond and go from here?
Thank you!

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The steps to obtain a license may be limited by the regulatory agency once they are aware of unlicensed conduct. A state regulatory agency may require the payment of an administrative penalty or could deny the license entirely. The agency may also agree to resolve this matter if you meet certain conditions such as the payment of an administrative penalty and stop operating. Generally, if a company does not stop operating an unlicensed business the case will be referred to the attorney general's office which will file suit to stop operation of the business. To avoid that, a business must generally immediately comply with a requirement to halt business until properly licensed. One may contact the regulatory agency attorney to work out an arrangement to obtain a license.

If the agency does take an adverse action such as requiring the payment of an administrative penalty, the party facing the adverse action will have appeal rights. Generally, so long as the appeal is file the adverse action is stayed. This does not apply to unlicensed conduct in which case the matter is generally immediately referred to the attorney general for assistance.

You may want to obtain an attorney to contact the regulatory agency attorney on your behalf. It is a consideration when communicating with a regulatory body not to make an admission as that may be used a against a party to support an adverse action.

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