(a) Pursuant to Arkansas Code § 17-24-103(a)(3), an agency operating without a license may:

1. (1) Pay a civil penalty of ten thousand dollars ($10,000) to the State Board of Collection Agencies; and
2. (2) Be licensed retroactively after meeting all other requirements for obtaining a license (see 17 CAR § 280-201).

(b) A retroactive license shall:

1. (1) Have an effective start date corresponding to an agency’s initial debt collection activity in Arkansas; and
2. (2) End on the date the retroactive license is issued.