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Debt Statute of Limitations

The debt statute of limitations is the legal time limit a party has to collect a debt through the court system. After that time a creditor or third party, such as a debt collection law firm, may not sue to enforce the credit agreement. Collecting using traditional methods such as calling or lettering is still allowed. The statute of limitations varies from state to state and by type of debt, and is typically between three and 10 years (see map below)


Three Reasons Your Agency Needs to Be Focused on Disparate Impact

The Consumer Financial Protection Bureau (CFPB) has been talking about disparate impact for years and the agency’s favorite controversial methodology – finding evidence of discriminatory practices in data and outcomes rather than intent – has been plenty of trouble for bankers. But the collections industry has not had to deal head-on with the CFPB’s methodology. Does that mean collections firms have nothing to worry about?


NYC Quietly Publishes Guidance That Helps to Reconcile Its Debt Collection Rules with Those of New York State

In response to many inquiries regarding its out-of-statute requirements, the New York City Department of Consumer Affairs (NYC) issued official guidance on July 31, 2015. The requirements have caused confusion because of their apparent conflict with those issued by the New York State Department of Financial Services (NYDFS).


Maine Changes Its State Fair Debt Collection Practices Act

Come October, Maine’s FDCPA language will be amended/updated via House Bill 753 (LD 1092). Specifically: These changes will be of especial interest to any agency collecting debt from consumers who reside in Maine. Per DBA International, Specifically, the new law: Requires written payment schedules or settlement agreements be provided to the consumer, Reaffirms the six year […]


Now in the CFPB’s Sights: Collectors Hired by State & Local Government Agencies

These collectors operate outside the purview of the CFPB and with the full authority of those government agencies. These collectors frequently charge exorbitant fees and often hold the ability to effect wage garnishments, arrest, and even foreclosure against consumers. The consumers most vulnerable economically, are often caught in this cycle compounding the possibility of mistreatment.


Graduation: ARM-U 2015 Highlights Need for Regulatory Clarity

Some questions had definite answers from panelists; however, many of the questions highlighted confusion within the laws and regulations themselves. While the FTC requires one thing, the CFPB may require something entirely different — and often contradictory. And because there is little cohesion among state laws, compliance suffers across the board. Still, even recognizing the areas of confusion can help an agency in their compliance plan. Better still, though, would be some kind of definitive answer.