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 [...]
ARM Debt Collection Letter Compliance: Why Every Detail Matters The practice of sending out your debt collection letter is standard in the accounts receivable management (ARM) industry. It’s a central channel for communication and collection letter printing can help balance your efforts of maintaining customer goodwill, ensuring compliance, and collecting past due money. You most [...]
Your Custom Invoice Printing Is Critical.Responsive customer service is a priority for any debt collection agency when dealing with partners that facilitate their processes. When emails, calls, and requests go un-returned, it’s not simply a breakdown of service; it could cost you considerable money and time. If you’re feeling undeserved and frustrated with your debut [...]
Debt Collection Letter Workflows: How Transparent Is Your Critical Communications Partner?One of the biggest challenges debt collection letter agencies have is tracking debt collection letters to consumers. Scaling such an operation is a massive undertaking unless you have the right technology. To have complete transparency in the process, your company needs to know everything about [...]
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 [...]
[alert type="error" close="false"]Effective June, 6, 2014, debt collectors will need to update collection letters to comply with new notice requirements when pursuing debts that are beyond the statute of limitations, including informing the consumer that the creditor or collector cannot sue to collect the debt.[/alert] Debt collectors pursuing debts that are beyond the statute of [...]
