Before a debt management company begins working in a new state, it must first be fully licensed in that state. The company will likely need to be foreign qualified by registering the business entity with the Secretary of State.

The debt management licensure process can include a lengthy application, background check, proof of accreditation, fingerprints, surety bonds and exams. The company will likely have to provide proof that they are licensed in their home state as a debt management company or that their home state does not require a license. Every application is different and all regulatory agencies reserve the right to request further information from the applicant.

The debt management licensing process is often a hurdle for a company’s growth into new states. Let the experts at LicenseLogix be your guide through the complex process of becoming licensed.