Needing Licenses To Buy Default Mortgages

[Christopher Winkler]

We were forced to get a debt collectors license in Maryland to collect on one 2nd lien non performing note we purchased last year, even though SCOTUS ruled a year ago if you own it you are not a debt collector. They are doing it under state law that covers debt of any kind, including real property has to have a debt collectors license, even if you own it. We also had to register for a business license as a foreign LLC with the state.

I also hear Georgia is doing something similar, and then someone mentioned Illinois requires a license for something.

Does anyone know what other states are requiring a debt collectors, and or business registration license for note buyers?