A Mankato debt collector lost his license and agreed to perform community service or pay a $75,000 fine after an audit by the Department of Commerce found his company owed clients almost $200,000.

Nathan A. Meehling’s former company, Accounts Receivable Control Inc., owed money to hundreds of clients, even after it had collected those funds from debtors, the department said. His conduct as a debt collector demonstrated “financial irresponsibility and/or incompetence,” the department said.

With the commerce department’s assistance, Meehling sold the company to a new owner who has agreed to pay creditors and install financial safeguards. Last month, Meehling agreed to perform 600 hours of community service within two years or pay the fine.