[alert type=”error” close=”false”]Update to Wisconsin State Special Text Requirement for Collection Notices – New notice requirements effective April 1, 2014.[/alert]
Debt collectors licensed in Wisconsin will need to make modifications to their collection letters to accommodate recent changes to the Wisconsin Administrative Code. The newly enacted bill, 2013 A.B. 277, modifies the existing special text requirement for collection notices found under Wis. Admin. Code § DFI-Bkg 74.13(1).
Previously, the following notice was required to be provided to the consumer:
“This collection agency is licensed by the Division of Banking, P.O. Box 7876, Madison, Wisconsin 53707.”
Under the new regulations, the previous statement has been replaced by the following (note that the statement does not need to be provided in bold font):
“This collection agency is licensed by the Division of Banking in the Wisconsin Department of Financial Institutions, www.wdfi.org.“
Wisconsin licensees must send consumers the above notice either in the initial written communication or within 5 days after the initial communication with the consumer. The notice must be in 8-point font and may be typed or printed on either the initial written communication with the consumer or in a notice within five days after the initial communication. If the notice is printed on the backside of a collection notice, the front of such notice must state “Notice: See Reverse Side for Important Information.”
As always we are prepared to answer any questions you may have regarding this latest news and any of our services as they apply to your mailings. Please feel free to call your account executive.
