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Membership Requirements 

Agency Membership Requirements
The applicant agency must maintain a separate Trust Account into which all monies rightfully belonging to creditors are deposited. All money received from debtors for the purpose of paying a debt must be deposited into this Trust Account. The funds deposited into the Trust Account must not be co-mingled with any other account. These Trust Account funds are solely for the purpose of remittance to clients and payment of the fees earned by the agency. Disbursement of these funds should be done in accordance with the regulations of the State in which the applicant agency is located, or in the absence of such regulations, as soon as practicable after the deposited checks clear. Minimally, this disbursement must be done monthly. Applicants must agree that this trust account may be analyzed at any time upon request of the IACC Grievance Committee. This analysis would be triggered by a grievance and voted on by the IACC Executive Committee. The Grievance Committee, after receiving an official written complaint could ask the Executive Committee for approval to inflict a trust account audit. The audit will be conducted by a CPA designated by IACC and be at the expense of IACC. 

The applicant agency must post a blanket client bond or other type of bond to cover all clients for failure to remit funds, other than a statutory bond. This bond must be in the minimum amount required by the State(s) in which the applicant agency conducts business. In the absence of a required bond, or if the required bond is less than $10,000, the applicant agency agrees to post a bond in the minimum amount of $10,000 for the protection of the creditors it serves. Contact the IACC  insurance department at (952) 925-0760 and they will assist you to make arrangements to meet the bond requirement. 

The applicant agency must be licensed and in compliance with all local and state regulations governing the operation of a commercial collection agency in the State or States in which the agency has its office or offices. 

The applicant agency must agree to subscribe to the IACC Code of Ethics.

The name of the applicant agency and its principal(s) will be published in the IACC newsletter for review and comments by existing IACC members in good standing. 

Completed applications must be submitted along with six references and the annual dues payment. The initial dues payment of $395 pays for membership through August 31. The second year's membership fee is prorated based on the agency's join date.

Associate Membership Requirements
Associate membership is open to those involved in the field of commercial collections (i.e., vendors and attorneys) who are not eligible for  regular membership. Associate members play an important role in IACC as partners in the commercial collection process with agency members. The  membership fee of $295 will cover your dues through August 31 of the current year. The second year's membership fee is prorated based on your join date.