Licensed under Wis. Stat. s. 218.04, collection agencies are hired by creditors to collect the outstanding debts of individuals and companies.
Frequent Links
- Applications - Collection
agencies are required to apply for and maintain their Wisconsin license
on the Nationwide Multistate Licensing System & Registry (NMLS).
- Initial Applications:
- To apply for a license, go to Step 1 of the Getting Started webpage found in the NMLS Resource Center.
- Refer to the New Application tab in the NMLS Checklist Compiler for a detailed list of information that must be provided with a new Company application.
- Branch Applications:
- Wisconsin payday lender licensees that want to apply for a license for an additional branch office should go to Step 4 of the Getting Started webpage found in the NMLS Resource Center.
- Refer to the New Application tab in the NMLS Checklist Compiler for a detailed list of information that must be provided with a new Branch application.
- License Amendment Instructions - Refer
to the applicable Wisconsin NMLS Amendment Checklist for instructions
on how notify the Division of Banking about changes to:
- Direct Owners, Indirect Owners, Affiliates or Subsidiaries
- Executive Officers or other Control Persons
- Addresses
- Legal Names or Trade Names
- Legal Status
- Disclosure Question and Answers
Helpful Information
- Financial Statement Requirements:
- The licensed legal entity's fiscal year-end financial statements and a completed
Supplemental Financial Statement Information form, must be uploaded to NMLS within 90 days after the completion of each fiscal year. - Financial
statements must include a balance sheet & income statement and be
prepared in accordance with generally accepted accounting principles.
- Licensees must maintain tangible net worth of at least $15,000 and net working capital of at least $7,500.
- When
evaluating a licensee's tangible net worth and net working capital, the
division discounts intangibles; receivables from officers,
stockholders, and other related parties; employee advances; receivables
over 90 days old; and any other assets of questionable value.
- Cybersecurity Resources
Cybersecurity 101 – a
resource developed by the Conference of State Bank Supervisors intended
to be an easily-digestible, non-technical reference guide to help
executives develop a comprehensive, responsive cybersecurity program in
line with best practices.
- Ransomware Self-Assessment Tool
– a resource updated October 15, 2024, and developed by the Conference of State Bank Supervisors in conjunction with state bank examiners, the Bankers Electronic Crimes Taskforce, and the United States Secret Service which contains important controls that all types of companies should use to assess their efforts to mitigate risks associated with ransomware and to identify opportunities for increasing security.
Contact Us
Phone: (608) 261-7578
Email: DFI_LFS@dfi.wisconsin.gov