International Association of Commercial Collectors (IACC)
International Association of Commercial Collectors (IACC) is an international association comprised of more than 240 collection specialist and 160 commercial attorneys. The IACC is comprised of members throughout the U.S. and in 20 international countries. The IACC is the largest organization of commercial collection specialists in the world.
IACC members must meet a rigorous set of membership standards. Agencies must be well established with experienced owners and principles.
Membership requirements include:
- Members must carry a minimum $10,000 statutory or client bond.
- Members 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.
- Members 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.
- Members must deposit funds into the Trust Account and the funds shall not be co-mingled with any other account.
- Members must comply that 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 must be done in accordance with the regulations of the State in which the member is located, or in the absence of such regulations, as soon as practicable after the deposited checks clear minimally every 30 days.
- Members agree that this trust account may be analyzed at any time upon request of the IACC Grievance Committee.
- Members must agree to subscribe to the IACC Code of Ethics.
IACC grants membership based on client references to verify the agency’s professionalism and character are aligned with the IACC code of professional ethics. The IACC regularly inspects agencies to monitor the maintenance of professional standards and constant strive for excellence in their business operations.
Commercial Law League of America
Comprised of attorneys engaged in the fields of commercial law, creditor’s rights, bankruptcy and insolvency – and credit professionals, including collection agencies and law list publishers – the CLLA provides a full range of legal, education and professional services. For more information please visit the CLLA’s website.