A. Every licensed office of a collection agency, whether a principal or branch office, shall be under the active charge of a licensed manager. Each manager's license shall be issued by the director upon qualification by the applicant and shall be renewed annually upon application accompanied by the manager's renewal license fee, which application is to be filed with the division on or before November 30 of each year. Unless so renewed, each manager's license shall expire on January 1 unless previously revoked or canceled.
B. As used in this section, "under the active charge of a licensed manager" means that a licensed manager shall be physically present at the licensee's office at least seventy-five percent of the time during which the office is open for business.
History: Laws 1987, ch. 252, § 22; 2019, ch. 144, § 29.
The 2019 amendment, effective July 1, 2019, revised the deadline for renewing an office management license, and changed the expiration month for an office management license that is not renewed by the deadline; in Subsection A, after "on or before", deleted "May 31" and added "November 30", and after "shall expire", deleted "June 30" and added "January 1"; and in Subsection B, after "licensed manager", deleted "must" and added "shall".
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