Section 17-24-103 - Penalties - Definition(a)(1) A collection agency that engages in the business activities of a collection agency without a license issued under this chapter may be fined not less than fifty dollars ($50.00) nor more than five hundred dollars ($500).(2) Each day of a violation of this chapter is a separate offense.(3)(A) If a collection agency participates in collection activities without a license, the collection agency may pay a civil penalty to the State Board of Collection Agencies of ten thousand dollars ($10,000) in order to be considered retroactively licensed under this chapter by the board.(B) As used in this chapter, "retroactively licensed" means the date that the collection agency first became subject to licensure under this chapter.(b)(1) The board may impose monetary fines as civil penalties to be paid for failure to comply with this chapter or the rules promulgated by the board under this chapter.(2) Before imposing a monetary fine under subdivision (b)(1) of this section, the board shall provide notice and opportunity to be heard according to hearing procedures in effect for the revocation, suspension, or refusal of licensure.(3) The remedies in the form of civil penalties provided in this section for failing to obtain a license issued under this chapter shall be the only consequence of and remedy for the failure of a collection agency to obtain a license when required under this chapter.(c) The board has exclusive jurisdiction over the rights and remedies or a violation of the rules under this chapter.Amended by Act 2015, No. 1249,§ 1, eff. 7/22/2015.Acts 1965, No. 145, § 10; A.S.A. 1947, § 71-2010; Acts 1993, No. 1245, § 2; 1997, No. 246, § 2; 2009, No. 1455, § 4.