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 exempts certain entities from the Tennesse Collection Service Act. This would exempt passive debt byers from collection agency licensing requirements. DBA International supported passage of this bill.
Louisiana
May 28, 2014 the state governor was presented with HB 766 for signature. This could impact ARM companies working with clients that are unlicensed in the state.
DBA International recommended that debt buyers consult counsel in purchasing Louisana debt and request a warrantee contract clause that the creditor is properly licensed in the state for consumer credit transaction.
For more information on these changes read the complete aricle at insideARM.com
