[ Licensing Information ]
Q. How may I obtain a debt adjuster license application? How long will it take to get a branch office licensed?
A: Applications are available for download/printing via the department's Web site. If you would rather have a paper application sent to you, please call (860) 240-8200.
Q. How long will it take before my branch office is licensed?
A: The license processing time varies depending on the accuracy and completeness of the application. Application deficiencies will increase the processing time. Processing time is generally between 4 and 10 weeks.
Q. Where can I check to see if a company is licensed with the Department of Banking?
A: The department posts debt adjuster licenses on the Web - see "Verify a License" above. The list of licensees may not be continuously updated. To check the status of a licensee that does not appear on the list, please call (860) 240-8200.
Q. What are the general requirements to become licensed as a Debt Adjuster.
Q. Do I need a physical location in Connecticut to be licensed?
A: No. Any company, regardless of location, that wishes to do business in the State of Connecticut must apply for a license for each office.
Q. Are there any educational requirements pursuant to a license, or must I take any examinations to become licensed?
A: No. There are no educational requirements or exams.
Q. Can one individual supervise more than one office location for the same company, or for different companies?
A: Yes. A debt adjuster supervisor is allowed to supervise more than one office location or more than one company.
Q. What are the license application fees?
A: Please refer to the application checklists.
Q. Is it possible for my application to be expedited for approval?
A: No. The Department currently does not have the resources to expedite applications. Applications are processed according to the date that they arrive in the Department. The best way to ensure the fastest processing time is to fill out the application and attachments accurately and completely. Application deficiencies will increase the processing time.
Q. How do I need to notify the Banking Department of a change of officer, stockholder or change in ownership?
- If changing less than half of the officers of the company, simply complete the Change of Officer form. Also, please submit a Personal and Business History Statement for each new officer. The information may be sent to: State of Connecticut, Department of Banking, Consumer Credit Division, 260 Constitution Plaza, Hartford, CT 06103-1800
- If changing more than half of the officers of a company, a new license application will need to be completed with the appropriate fees. Be sure to include a letter explaining that the company is changing a significant portion of ownership, and needs to apply for a new license.
- If changing the supervisor of the licensed location, please complete the Change of Supervisor form.
Q. Is there a fee to process a change of address?
A: No. Simply send us a letter requesting the change of address, the original licenses and a rider to the bond reflecting the new address. If there is a specific date the new address will take effect, make sure to note that in your letter.
Q. What forms of payment are accepted? How do I address a check?
A: The department accepts personal checks, bank checks, cashier checks or money orders. Please make all checks payable to "Treasurer, State of Connecticut."
Q. Where can I find a list of insurance companies that might provide a bond for my company?
A: The department does not maintain a list of surety bond companies on its Web site. Try searching the Internet for surety companies. Large insurance companies are most likely to provide this service. If you have trouble finding a bonding company, please call (860) 240-8200.
Q. Do I need to send the original bond with the application?
A: Yes. The original bond, on our form, must be sent to receive a license.
Q. Do I need a bond for each licensed location?
A: No. The licensee needs only to file a single bond to cover more than one location.
Q. Are financial statements needed for each licensed office location for license renewals?
A: No, only a financial statement for the licensee must be submitted. It must include a balance sheet and a statement of income and expense covering the previous fiscal calendar year. If the applicant is not presently engaged in debt adjustment, the Applicant must submit a current balance sheet and a projected statement of income and expense for the first year of operation in lieu of one covering the previous year. An attestation form must be attached to the financial statement.
Q. If I am licensed as corporation or LLC, do I need to list my personal assets and liabilities on the financial statement?
A: No. A corporation or LLC is a separate entity. The financial statement must only reflect the assets or liabilities in the name of that entity.
Q. How may I obtain a renewal application?
A: Each licensee will be sent a renewal packet which must be completed on the original forms. We do not have the capability to process renewal applications over the Internet at this time. If you do not receive your renewal packet by August 1, please contact Jean Wright at firstname.lastname@example.org.
Q. Once my renewal application is submitted, how long will it take to receive my license?
A: Processing time varies. The length of processing time depends on the following factors:
- The accuracy and completeness of the renewal application.
- The date in which the renewal packet was submitted. (Applications submitted earlier will be processed faster.)
- The volume of applications submitted to the Department.
- The number of changes to the existing license. (Address changes, supervisor changes etc.)
Q. Can I change my form of organization at renewal?
A: No. A change in organization requires a new license, and therefore a new license application. Please send back the renewal packet with a letter explaining that you will be sending in a new application and will not be renewing the old license. The only type of change in form of organization that is allowed at renewal is a change between a Corporation and a LLC (or vice versa).
Q. Is my license still active while my renewal is being processed?
Q. Do licenses expire? If so, how long is a license in effect?
A: Yes, our licenses expire. Debt Adjuster Licenses expire on September 30, of every odd numbered year. Licensing terms are two years. If you apply for a license mid-term, the license still expires on September 30.