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Real Estate Queen Category: Big Deals
Current Grade: A
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Posted on: 10/03/2009
Posted by: Real Estate Queen
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                                          Debt Adjuster Licensing                                     

Debt Adjuster Licensing

Nonprofit and For Profit

Who needs a license?

"Debt adjustment" means, for or with the expectation of a fee, commission or other valuable consideration, receiving, as agent of a debtor, money or evidences thereof for the purpose of distributing such money or evidences thereof among creditors in full or partial payment of obligations of the debtor; and "debtor" means any individual who has incurred indebtedness or owes a debt for personal, family or household purposes.

Effective October 1, 2009, Section 36a-656 of the Connecticut General Statutes as amended by Public Act 09-208 , no longer restricts debt adjustment activities to bona fide nonprofit organizations.


Who does not need a license:

    • Any attorney admitted to the practice of law in this state, when engaged in such practice.
       
    • Any bank, fiduciary or financing or lending institution authorized to transact business in this state or any other state, which performs debt adjustment in the regular course of its principal business.
       
    • Any title insurance or abstract company authorized to transact business in this state or any other state, while doing an escrow business.
       
    • Any person acting pursuant to any law of this state or of the United States or acting under the order of a court. 

Essential Statutes

Please reference the relevant Connecticut Statutes (Word file, 6 pages, 64 KB) before applying for a license.  Additionally, please reference Sections 23-26, inclusive, and Section 28 of Public Act 09-208 and  Public Act 09-23, before applying for a license.

Frequently Asked Questions


Licensing Fees:

The licensing fees for the main office and the branch office applications are the same.

Bona fide non profit organization
   $250 - Application filed between 10/1/2009 and 9/30/2011

For profit organization
  $1600 - Application filed between 10/1/2009 and 9/30/2010
    $800 - Application filed between 10/1/2010 and 9/30/2011


License Application Forms

"Main office" means the main address at which an applicant or any person on behalf of the applicant acts as a debt adjuster.

"Branch office" means a location other than the main office at which an applicant or any person on behalf of the applicant acts as a debt adjuster.

Note: where indicated the following forms must be printed on legal size paper or required information may be lost. (See PDF handling notes.)


Other Debt Adjuster Forms

Change of Address (1 page, 52 KB)
Change of Name (1 page, 50 KB)
Change of Officer (3 pages, 92 KB)
Change of Supervisor (3 pages, 63 KB)
Office Closure (1 page, 46 KB)


Contact

Connecticut Department of Banking
Consumer Credit Division
260 Constitution Plaza
Hartford, CT 06103-1800

Staff:  Jean Wright
Telephone: 860-240-8209 or toll-free 800-831-7225
Fax: (860) 240-8215
E-mail: jean.wright@ct.gov

Current Grade: A
Category: Big Deals
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CarlosParra

Posted By: CarlosParra on 02/16/2013

I am a real estate agent not a professional. But I've been in some deals with Aventura Real Estate Agent . So do need to get a license?