As a nonprofit credit counseling organization, ACCC is mandated to comply with all state and federal laws. Although compliance is a legal requirement, it also serves to demonstrate to consumers, creditors, and regulators that ACCC is a reputable organization that provides quality service for minimal fees to the consumer. Further, state licensing allows the consumers to be assured that ACCC utilizes best practices in handling the consumer’s monthly payments.
In order to conduct business as a legal entity, ACCC must have a Certificate of Authority to do business within a state. ACCC has attained a Certificate of Authority in all 50 states as issued by the Secretary of State including the District of Columbia. Of the 50 States, 32 require licenses. ACCC is licensed in all 32 of these states. ACCC is also a Registered Charitable Organization in 29 States. It is important to note that as new legislation and regulations are passed in the industry, ACCC is continually updating its services and practices to comply with each state’s requirements.
Among the requirements for licensure is the ability to post bonds as mandated by the Banking Commissioners. Only after financial stability, creditworthiness, and satisfactory liquid assets have been demonstrated will a bond be issued. All bonds attributable to ACCC are guaranteed by the organization and not by the officers. See Licensing & Disclosures for more information.