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                                                                  EXHIBIT 4(b)


                         NCO PORTFOLIO MANAGEMENT, INC.

                           Amended and Restated Bylaws


                      These Bylaws are supplemental to the
                      Delaware General Corporation Law as the same
                      shall from time to time be in effect.


ARTICLE I. STOCKHOLDERS.

         Section 101. Place of Stockholders' Meetings. All meetings of the
stockholders shall be held at such place or places, inside or outside the State
of Delaware, as determined by the Board of Directors from time to time.

         Section 102. Annual Stockholders' Meeting. The annual meeting of the
stockholders for the election of directors and the transaction of such other
business as may properly come before such meeting shall be held at such time and
place as determined by the Board of Directors. Any business which is a proper
subject for stockholder action may be transacted at the annual meeting,
irrespective of whether the notice of said meeting contains any reference
thereto, except as otherwise provided by applicable law.

         Section 103. Special Meetings of Stockholders. Special meetings of the
stockholders may be called at any time only by the Board of Directors or the
Chairman of the Board of Directors of the Corporation.

         Section 104. Conduct of Stockholders' Meetings. The Chairman of the
Board shall preside at all stockholders' meetings. In the absence of the
Chairman of the Board, the Chief Executive Officer shall preside or, in his or
her absence, any officer designated by the Board of Directors shall preside. The
officer presiding over the stockholders' meeting may establish such rules and
regulations for the conduct of the meeting as he or she may deem to be
reasonably necessary or desirable for the orderly and expeditious conduct of the
meeting. Unless the officer presiding over the stockholders' meeting otherwise
requires, stockholders need not vote by ballot on any questions.

ARTICLE II. DIRECTORS.

         Section 201. Management by Board of Directors. The business and affairs
of the Corporation shall be managed by its Board of Directors. The Board of

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Directors may exercise all such powers of the Corporation and do all such lawful
acts and things as are not by statute, regulation, the Amended and Restated
Certificate of Incorporation or these Amended and Restated Bylaws directed or
required to be exercised or done by the stockholders.

         Section 202. Nomination for Directors and Submission of Proposals.

             (a) Nominations for directors to be elected may be made at a
meeting of stockholders only by (i) the Board of Directors (or any committee
thereof), or (ii) a stockholder of the Corporation entitled to vote for the
election of directors at the meeting who complies with the procedure set forth
in Section 202(b) of these Bylaws. Business may be conducted at a meeting of the
stockholders of the Corporation only if such business (i) was specified in the
notice of meeting (or any supplement thereto) given by the Board of Directors,
(ii) is otherwise properly brought before the meeting by the Board of Directors,
or (iii) is otherwise properly brought before the meeting by a stockholder of
the Corporation in accordance with the procedure set forth in Section 202(b) of
these Bylaws. Notwithstanding the foregoing, at any time prior to the election
of directors at a meeting of stockholders, the Board of Directors may designate
a substitute nominee to replace any bona fide nominee who was nominated as set
forth above and who, for any reason, becomes unavailable for election as a
director.

             (b) Nominations by stockholders for directors to be elected, or
proposals by stockholders to be considered, at a meeting of stockholders and
which have not been previously approved by the Board of Directors must be
submitted to the Secretary of the Corporation in writing, either by personal
delivery, nationally-recognized express mail or United States mail, postage
prepaid, not later than (i) with respect to an election to be held, or a
proposal to be considered, at an annual meeting of stockholders, the latest date
upon which stockholder proposals must be submitted to the Corporation for
inclusion in the Corporation's proxy statement relating to such meeting pursuant
to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, or other
applicable rules or regulations under the federal securities laws or, if no such
rules apply, at least ninety (90) days prior to the date one year from the date
of the immediately preceding annual meeting of Stockholders, and (ii) with
respect to an election to be held, or a proposal to be considered, at a special
meeting of stockholders, the earlier of (A) thirty (30) days prior to the
printing of the Corporation's proxy materials or information statement with
respect to such meeting or (b) if no proxy materials or information statement
are being distributed to stockholders, at least the close of business on the
fifth day following the date on which notice of such meeting is first given to
stockholders. Each such nomination or proposal shall set forth: (i) the name and
address of the stockholder making the nomination or proposal and the person or
persons nominated, or the subject matter of the proposal submitted; (ii) a
representation that the stockholder is a holder of record of capital stock of
the Corporation entitled to vote at such meeting and intends to appear in person
or by proxy at the meeting to vote for the person or persons nominated, or the
proposal submitted; (iii) a description of all arrangements and understandings

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between the Stockholder and each nominee and any other person or persons (naming
such person or persons) pursuant to which the nomination was made, or the
proposal was submitted, by the stockholder; (iv) such other information
regarding each nominee proposed by such stockholder as would be required to be
included in a proxy statement filed pursuant to the proxy rules of the
Securities and Exchange Commission had the nominee been nominated by the Board
of Directors; and (v) the consent of each nominee to serve as a director of the
Corporation if so elected. All late nominations and proposals shall be rejected.

         Section 203. Number and Classification of Directors. The number and
classification of the Board of Directors of the Corporation shall be as provided
in the Certificate of Incorporation of the Corporation. As provided in the
Certificate of Incorporation, the directors shall be divided into three (3)
classes, as nearly equal in number as possible as shall be determined by the
Board, known as Class I, Class II and Class III.

         Section 204. Vacancies in the Board of Directors. Subject to the rights
of the holders of any series of the Corporation's Preferred Stock then
outstanding, vacancies in the Board of Directors, including vacancies resulting
from an increase in the number of directors, shall be filled by the affirmative
vote of at least a majority of the remaining members of the Board, even though
less than a quorum, and each person so elected shall be a director until his
successor is elected by the stockholders. Any director elected to fill a vacancy
in the Board of Directors shall become a member of the same class of directors
in which the vacancy existed; but if the vacancy is due to an increase in the
number of directors, a majority of the members of the Board of Directors shall
designate such directorship as belonging to Class I, Class II or Class III so as
to maintain the three (3) classes of directors as nearly equal in number as
possible. Each director so elected shall hold office for the unexpired term of
the class to which he has been elected, and thereafter until his or her
successor shall have been duly elected and qualified, except in the event of his
or her earlier resignation, removal or disqualification.

         Section 205. Resignations of Directors. Any director may resign at any
time. Such resignation shall be in writing, but the acceptance thereof shall not
be necessary to make it effective.

         Section 206. Compensation of Directors. No director shall be entitled
to any salary as such, but the Board of Directors may fix, from time to time, a
reasonable annual fee for acting as a director and a reasonable fee to be paid
each director for his or her services in attending meetings of the Board or
committees thereof.

         Section 207. Regular Meetings. Regular meetings of the Board of
Directors shall be held on such day, at such hour, and at such place, consistent
with applicable law, as the Board shall from time to time designate or as may be
designated in any notice from the Secretary calling the meeting. The Board of
Directors shall meet for reorganization at the first regular meeting following
the annual meeting of stockholders at which the directors are elected. Notice

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need not be given of regular meetings of the Board of Directors which are held
at the time and place designated by the Board of Directors. If a regular meeting
is not to be held at the time and place designated by the Board of Directors,
notice of such meeting, which need not specify the business to be transacted
thereat and which may be either oral or written, shall be given by the Secretary
to each member of the Board at least twenty-four hours before the time of the
meeting.

         Section 208. Special Meetings. Special meetings of the Board of
Directors may be called by the Chairman of the Board of Directors and shall be
called whenever a majority of the members of the Board so request in writing. A
special meeting of the Board of Directors shall be deemed to be any meeting
other than the regular meeting of the Board of Directors. Notice of the time and
place of every special meeting, which need not specify the business to be
transacted thereat and which may be either oral or written, shall be given by
the Secretary to each member of the Board at least twenty-four hours before the
time of such meeting.

         Section 209. Reports and Records. The reports of officers and
committees and the records of the proceedings of all committees shall be filed
with the Secretary of the Corporation and presented to the Board of Directors,
if practicable, at its next regular meeting. The Board of Directors shall keep
complete records of its proceedings in a minute book kept for that purpose. When
a director shall request it, the vote of each director upon a particular
question shall be recorded in the minutes.

         Section 210. Committees. The following committees of the Board of
Directors may be established by the Board of Directors in addition to any other
committee the Board of Directors may in its discretion establish: (a) Executive
Committee; (b) Audit Committee; and (c) Compensation Committee.

         Section 211. Executive Committee. The Executive Committee shall consist
of at least two (2) directors. Meetings of the Committee may be called at any
time by the Chairman of the Executive Committee and shall be called whenever two
or more members of the Committee so request in writing. The Executive Committee
shall have and exercise the authority of the Board of Directors in the
management of the business of the Corporation between the dates of regular
meetings of the Board.

         Section 212. Audit Committee. The Audit Committee shall consist of at
least two (2) directors, a majority of which shall be independent. Meetings of
the Audit Committee may be called at any time by the Chairman of the Audit
Committee and shall be called whenever two or more members of the Committee so
request in writing. The Audit Committee shall have the authority, powers and
responsibilities as shall be set forth in the Audit Committee Charter approved
by the Board of Directors.

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         Section 213. Compensation Committee. The Compensation Committee shall
consist of at least two (2) directors. Meetings of the Committee may be called
at any time by the Chairman of the Committee and shall be called whenever two or
more members of the Committee so request in writing. The Committee shall review
compensation of executive officers and make recommendations to the Board of
Directors regarding executive compensation and shall have such other duties as
the Board of Directors prescribes.

         Section 214. Appointment of Committee Members. The Board of Directors
shall appoint or shall establish a method of appointing the members of the
Executive, Audit and Compensation Committees and of any other committee
established by the Board of Directors, and the Chairman of each such committee,
to serve until the next annual meeting of stockholders.

         Section 215. Organization and Proceedings. Each committee of the Board
of Directors shall effect its own organization by the appointment of a Secretary
and such other officers, except the Chairman, as it may deem necessary. The
Secretary of the Executive Committee shall be the Secretary of the Corporation,
but the Secretary of the Audit and Compensation Committees and of any other
committee need not be the Secretary of the Corporation. A record of the
proceedings of all committees shall be kept by the Secretary of such committee
and filed and presented as provided in Section 209 of these Bylaws.

         Section 216. Committees. In the absence or disqualification of any
member of any committee established by the Board of Directors, the members
thereof who are present at any meeting of such committee and are not
disqualified from voting, whether or not they constitute a quorum, may
unanimously appoint another director to act at such meeting in the place of such
absent or disqualified member.

         Section 217. Absentee Participation in Meetings. A director may
participate in a meeting of the Board of Directors or a meeting of a committee
established by the Board of Directors by use of a conference telephone or
similar communications equipment, by means of which all persons participating in
the meeting can hear each other.

ARTICLE III. OFFICERS.

         Section 301. Officers. The officers of the Corporation shall be a
Chairman of the Board, a Chief Executive Officer, a President, one or more Vice
Presidents, a Secretary, a Treasurer, and such other officers and assistant
officers as the Board of Directors may from time to time deem advisable. Except
for the Chairman of the Board, Chief Executive Officer, President, Secretary and
Treasurer, the Board may refrain from filling any of the said offices at any
time and from time to time. The same individual may hold any two or more
offices. The following officers shall be elected by the Board of Directors at
the time, in the manner and for such terms as the Board of Directors from time

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to time shall determine: Chairman of the Board, Chief Executive Officer,
President, Secretary, and Treasurer. The Chairman of the Board may appoint such
other officers and assistant officers as he may deem advisable provided such
officers or assistant officers have a title no higher than Vice President, who
shall hold office for such periods as the Chairman of the Board shall determine.
Any officer may be removed at any time, with or without cause, and regardless of
the term for which such officer was elected.

         Section 302. Chairman of the Board. The Chairman of the Board shall be
a member of the Board of Directors and shall preside at the meetings of the
Board and perform such other duties as may be prescribed by the Board of
Directors.

         Section 303. Chief Executive Officer. The Chief Executive Officer shall
have general supervision of all of the departments and business of the
Corporation; he or she shall prescribe the duties of the other officers and
employees and see to the proper performance thereof. The Chief Executive Officer
shall be responsible for having all orders and resolutions of the Board of
Directors carried into effect. The Chief Executive Officer shall execute on
behalf of the Corporation and may affix or cause to be affixed a seal to all
authorized documents and instruments requiring such execution, except to the
extent that signing and execution thereof shall have been delegated to some
other officer or agent of the Corporation by the Board of Directors or by the
Chief Executive Officer. The Chief Executive Officer shall be a member of the
Board of Directors. In the absence or disability of the Chairman of the Board or
his or her refusal to act, the Chief Executive Officer shall preside at meetings
of the Board. In general, the Chief Executive Officer shall perform all the
duties and exercise all the powers and authorities incident to his or her office
or as prescribed by the Board of Directors.

         Section 304. President. The President shall perform such duties as are
incident to his or her office or prescribed by the Board of Directors or the
Chief Executive Officer. In the event of the absence or disability of the Chief
Executive Officer or his or her refusal to act, the President shall perform the
duties and have the powers and authorities of the Chief Executive Officer. The
President shall execute on behalf of the Corporation and may affix or cause to
be affixed a seal to all authorized documents and instruments requiring such
execution, except to the extent that signing and execution thereof shall have
been delegated to some other officer or agent of the Corporation by the Board of
Directors or the President.

         Section 305. Vice Presidents. The Vice Presidents shall perform such
duties, do such acts and be subject to such supervision as may be prescribed by
the Board of Directors, the Chief Executive Officer or the President. In the
event of the absence or disability of the Chief Executive Officer and the
President or their refusal to act, the Vice Presidents, in the order of their
rank, and within the same rank in the order of their seniority, shall perform
the duties and have the powers and authorities of the Chief Executive Officer
and President, except to the extent inconsistent with applicable law.

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         Section 306. Secretary. The Secretary shall act under the supervision
of the Chief Executive Officer and President or such other officer as the Chief
Executive Officer or President may designate. Unless a designation to the
contrary is made at a meeting, the Secretary shall attend all meetings of the
Board of Directors and all meetings of the stockholders and record all of the
proceedings of such meetings in a book to be kept for that purpose, and shall
perform like duties for the standing committees when required by these Bylaws or
otherwise. The Secretary shall keep a seal of the Corporation, and, when
authorized by the Board of Directors, Chief Executive Officer or the President,
cause the seal to be affixed to any documents and instruments requiring it. The
Secretary shall perform such other duties as may be prescribed by the Board of
Directors, Chief Executive Officer, President or such other supervising officer
as the Chief Executive Officer or President may designate.

         Section 307. Treasurer. The Treasurer shall act under the supervision
of the Chief Executive Officer and President or such other officer as the Chief
Executive Officer or President may designate. The Treasurer shall have custody
of the Corporation's funds and such other duties as may be prescribed by the
Board of Directors, Chief Executive Officer, President or such other supervising
officer as the Chief Executive Officer or President may designate.

         Section 308. Assistant Officers. Unless otherwise provided by the Board
of Directors, each assistant officer shall perform such duties as shall be
prescribed by the Board of Directors, Chief Executive Officer, President or the
officer to whom he or she is an assistant. In the event of the absence or
disability of an officer or his or her refusal to act, his or her assistant
officers shall, in the order of their rank, and within the same rank in the
order of their seniority, have the powers and authorities of such officer.

         Section 309. Compensation. Unless otherwise provided by the Board of
Directors or the Compensation Committee, the salaries and compensation of all
officers and assistant officers, except the Chairman of the Board, Chief
Executive Officer and President, shall be fixed by or in the manner designated
by the Chief Executive Officer.

         Section 310. General Powers. The officers are authorized to do and
perform such corporate acts as are necessary in the carrying on of the business
of the Corporation, subject always to the directions of the Board of Directors.


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ARTICLE IV. SHARES OF CAPITAL STOCK.

         Section 401. Authority to Sign Share Certificate. Every share
certificate of the Corporation shall be signed by the Chairman, Chief Executive
Officer or the President and by the Secretary or one of the Assistant
Secretaries. If the certificate is signed by a transfer agent or registrar, the
signature of any officer of the Corporation on the certificate may be facsimile,
engraved or printed.

         Section 402. Lost or Destroyed Certificates. Any person claiming a
share certificate to be lost, destroyed or wrongfully taken shall receive a
replacement certificate if such Stockholder: (a) requests such replacement
certificate before the Corporation has notice that the shares have been acquired
by a bona fide purchaser; (b) files with the Corporation an indemnity bond
deemed sufficient by the Board of Directors; and (c) satisfies any other
reasonable requirements fixed by the Board of Directors.

ARTICLE V. GENERAL.

         Section 501. Fiscal Year. The fiscal year of the Corporation shall be
determined by the Board of Directors.

         Section 502. Record Date. The Board of Directors may fix any time prior
to the date of any meeting of stockholders as a record date for the
determination of stockholders entitled to notice of, or to vote at, the meeting,
which time, except in the case of an adjourned meeting, shall be not more than
sixty (60) nor less than ten (10) days prior to the date of the meeting of
stockholders. In order that the Corporation may determine the stockholders
eligible to receive payment of any dividend or other distribution or allotment
of any rights or the stockholders entitled to exercise any rights in respect of
any change, conversion or exchange of stock, or for the purpose of any other
lawful action, the Board of Directors may fix a date not more than sixty (60)
days prior to such action as a record date.

         Section 503. Emergency Bylaws. In the event of any emergency resulting
from an attack on the United States, a nuclear disaster or another catastrophe
as a result of which a quorum cannot be readily assembled and during the
continuance of such emergency, the following Bylaw provisions shall be in
effect, notwithstanding any other provisions of these Bylaws.

             (a) A meeting of the Board of Directors or of any committee thereof
may be called by any officer or director upon one hour's notice to all persons
entitled to notice whom, in the sole judgment of the notifier, it is feasible to
notify;

             (b) The director or directors in attendance at the meeting of the
Board of Directors or of any committee thereof shall constitute a quorum; and

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             (c) These Bylaws may be amended or repealed, in whole or in part,
by a majority vote of the directors attending any meeting of the Board of
Directors, provided such amendment or repeal shall only be effective for the
duration of such emergency.

         Section 504. Severability. If any provision of these Bylaws is illegal
or unenforceable as such, such illegality or unenforceability shall not affect
any other provision of these Bylaws and such other provisions shall continue in
full force and effect.

ARTICLE VI. AMENDMENTS.

         Section 601. Amendment or Repeal by the Board of Directors. Except as
provided by applicable law, these Bylaws may be amended or repealed, in whole or
in part, by a majority vote of the incumbent directors (as defined herein) on
the Board of Directors. The term "incumbent director", as used herein, shall
mean any director of the Corporation on the date hereof and any other director
whose election or appointment by the Board of Directors of the Corporation, or
whose nomination for election by the Stockholders of the Corporation, was
approved by a vote of at least a majority of the directors then in office who
either were directors on the date hereof or whose election or appointment or
nomination for election was previously so approved.

         Section 602. Amendment or Repeal by Stockholders. These Bylaws may be
amended or repealed, in whole or in part, by stockholders as provided in the
Certificate of Incorporation.

         Section 603. Recording Amendments. The text of all amendments to these
Bylaws shall be attached hereto, and a notation of the date of its adoption and
a notation of whether it was adopted by the directors or the Stockholders shall
be made in Section 702 hereof.


ARTICLE VII. ADOPTION OF BYLAWS AND RECORD OF AMENDMENTS THERETO.

         Section 701. Adoption and Effective Date. These Bylaws have been
adopted and approved by the Board of Directors of the Corporation on February
14, 2001 and by the stockholders of the Corporation on February 14, 2001. These
Bylaws shall be effective as of February 14, 2001.

         Section 702.  Amendments to Bylaws.

Section Amended            Date Amended         Adopted By
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