Legal Question in Business Law in New Jersey

Would I need to have a specialized license to be a skip tracer/asset locator?

I am in the process of starting a home-based business of skip-tracing and asset locating service for attorneys and large corporations(ie banks and collection agencies) looking to collect on judgments or outstanding debts. I would not provide this service to the general public. I would provide pre-employment screenings, background checks and locate assets and debtors. I would not do any survellance work or provide any information that would require the written authorization of a debtor unless it is submitted with the request.Do I need a special license?


Asked on 5/19/00, 7:12 pm

2 Answers from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Would I need to have a specialized license to be a skip tracer/asset locator

If you are considered to be a "debt collector" you may also need to be licensed with the State. Doing location information, either of the skipped person, or attempting to locate assets for creditors may result in your being considered a debt collector under the Fair Debt Collection Practices Act (federal) requiring state registration.

Walter

Read more
Answered on 7/05/00, 10:07 am
Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

Re: Would I need to have a specialized license to be a skip tracer/asset locator

Yes:

Under the Licesned Private Detective Act of 1939, you would need to be licensed by the NJ State Police. Call me at 856 665-2121 to discuss the process.

Read more
Answered on 7/04/00, 11:02 pm


Related Questions & Answers

More Business Law questions and answers in New Jersey