New York Governor Kathy Hochul signed the Consumer Credit Fairness Act (the Act) into law. The Act will likely have substantial impact on debt collection lawsuits filed by creditors or debt collectors in New York. The Act not only reduces the statute of limitations for filing a debt collection action, but imposes new filing [...]
November 19, 2021 - Following the recent opinion in Hunstein v. Preferred Collection and Management Services, Inc. issued on October 28, 2021, the Print & Mail Coalition (the “Coalition”) reconvened to explore ways to collectively assist the accounts receivables management (ARM) industry. The Coalition believes the ARM industry plays a critical role in the American [...]
Print & Mail Coalition Files Amicus Brief in Support of Preferred Collection and Management ServicesIdentifies Key Points Not Considered in The RulingMay 28, 2021 - Following the 11th Circuit’s panel decision in Hunstein v. Preferred Collection and Management Services, Inc., the Print & Mail Coalition (the “Coalition”) filed an amicus brief in support of the [...]
Leading Print & Mail Vendors Join Forces to Support the Accounts Receivables Management Industry Banding Together to File an Amicus Brief in the Wake of The 11th Circuit Court of Appeals Decision April 29, 2021 - Following the 11th Circuit’s decision in Hunstein v. Preferred Collection and Management Services, Inc., a group of accounts [...]
The Consumer Financial Protection Bureau (CFPB) is proposing to delay the effective date of the final debt collection rule (Regulation F) from Nov. 30, 2021, to Jan. 29, 2022. The delay is proposed to allow companies more time to comply with the rule due to the COVID-19 pandemic. The CFPB issued a Notice of Proposed Rulemaking [...]
The Ohio Governor signed a bill shortening the statute of limitations for written and oral contracts as well as specifically addressing consumer transactions. Effective June 16, 2021, the statute of limitations for written contracts will be reduced from 8 years to 6 years and the statute of limitations associated with oral contracts will be reduced [...]
The New York State Department of Financial Services (NYSDFS) announced in the State Register, the adoption of a final rule regulating debt collection practices in the state of New York. These newly enacted debt collection regulations will become effective February, 2nd, 2015. The rules require debt collectors to provide several initial disclosures, including consumers' rights [...]
Complying with the Fair Debt Collection Practices ActThe Third Circuit Court of Appeals said that a collection agency violated the Fair Debt Collection Practices Act (FDCPA) when it sent a collection letter with the debtor’s account number visible through the transparent address window of an envelope and reversed a district court on the issue that "implicates [...]
If you have debtors whose residence is in Yonkers, NY please make note of this existing license requirement. Recently the City of Yonkers, NY has begun enforcing their requirement for debt collectors to obtain a license to pursue debt collection from its residents. This requirement, which appears to have been in effect since 2004 and [...]
Recently two sign laws have changed licensing for ARM companies in Tennessee and Louisiana. One seems to be a positive change for passive debt buyers while the other being more neutral but could impact the clients of debt collection agencies and buyers. Tennessee May 22, 2014 the state governor signed SB 2133 into law which [...]
