Common use of REPRESENTATIONS AND WARRANTIES OF AGENCY Clause in Contracts

REPRESENTATIONS AND WARRANTIES OF AGENCY. Agency, for itself and its Agents, represents and warrant to Client as follows: A. Agency holds or shall obtain all state, local or other debt collection-related licenses as may be required for Agency or its employees to perform the Services hereunder (the “Licenses”), and, Agency has obtained any and all regulatory or governmental approvals necessary to provide the Services. Additionally, Agency shall not perform Services in any state or locality for which Client does not have a License or for which registration is otherwise required in order for Agency Agents to lawfully perform the Services in that state or locality. Agency agrees to promptly provide to Client a current list of all Licenses, including expiration dates, as reasonably requested from time to time. Agency agrees to notify client within three (3) business days of any regulatory or administrative action, threatened or actual, with respect to suspension, cease and desist, or revocation of any license. B. Agency is financially solvent and agrees to produce financial records evidencing such to the Client as reasonably requested. Agency agrees to use accounting principles in accordance with GAAP in its financial records. C. Agency and its Agents shall comply with all applicable Collection Laws and shall utilize only acceptable legal means, methods and procedures at all times in collecting the balances on Referred Accounts. D. The Agency’s Policies and Procedures comply with all objectives and procedures for a compliance program as set forth by the CFPB, including but not limited to all requirements for management oversight, a Compliance Management System, compliance programs and responding to consumer complaints and disputes made to either credit reporting agencies or directly to Agency. E. Agency has a compliance management system in place, and has a designated compliance officer or other person responsible for insuring that Agency performs Services in compliance with all Collection Laws. Such compliance officer shall report directly to Agency’s Board of Directors. F. Agency shall not allow any Agency Agents to perform the Services unless and until it has performed a background check on each such Agency employee and the Agency employee has met the required background check standard. Agency also agrees to devote the necessary resources, capital and human, to maintain its Compliance Management System and compliance with all applicable Collection Laws. G. All Agency Agents shall be trained on and shall comply with the FDCPA and applicable Laws and shall have received acceptable passing levels as mutually agreed upon by the parties. Agency also agrees to perform background checks on its employees and agents on no less than an annual basis and provide Client with a certification, along with supporting documentation, of compliance with this provision. H. Agency shall comply in all material respects with all laws applicable to Agency, as well as with all of the Service Level Agreement and Performance Standards as set forth in Exhibit 1 hereto, as may be amended from time to time. I. Agency shall maintain records of any disputes, threats of lawsuits or actual lawsuits involving any Referred Accounts or in the event that Agency is subject to examination or investigation by the CFPB. Agency shall provide periodic reports to Client of any such action. J. Agency further agrees to comply with all laws related to the confidentiality and protection of private data, and understands that information submitted to it by Client is confidential, and that its duties to protect such data shall survive the termination of this Agreement. K. Agency shall refrain from any practices that may reasonably be expected to reflect adversely upon the reputation of Client. L. No part of the Services or the Infrastructure of Agency will infringe on any third-party intellectual property rights. M. Agency has and will continue to take all necessary precautions and security measures so as to prevent any unauthorized access to Client Data (as defined herein), to Client’s Systems and databases or to any other information supplied or made accessible by Client or Client’s customer(s) to Agency. N. Agency shall not add any convenience fee or surcharge to any payments made by an obligor.