SACRAMENTO, Calif. — On Thursday, May 19th, Maryland Governor Larry Hogan signed SB 771/ HB 1491 (Chapter 579) into law, addressing the treatment of out-of-statute debt and statutorily codifies several provisions contained in the Maryland Rules of Procedure (MRP) concerning the litigation of consumer debt. Given that the language from the MRP was copied verbatim, DBA International […]
A Baltimore jury delivered a verdict against Las Vegas-based debt buyer LVNV. At $38 million, it is the largest judgment against a debt collector in Maryland history.
Yesterday the Seventh Circuit Court of Appeals rendered its opinion in Paula St. John, Yvonne Owusumensah, et al., & Bryan Sirota v. CACH, LLC, Cavalry Portfolio Services, LLC; & Unifund CCR Partners, Inc. At issue was whether 15 U.S.C. sec. 1692 e(5) dictates that a debt collector must intend to proceed to trial when it files a lawsuit to collect a debt. The Court agreed with Appellees that e(5) contains no such requirement.
The CFPB has entered into consent orders with major creditors, debt buyers, and law firms during the past year relating to key areas of their collection practices. The consent orders impose significant new requirements relating to data integrity, dispute handling, debt substantiation, debt sales, affidavit practices, and litigation practices. The orders are not formal “rules” […]
In a Memorandum Opinion and Order filed on May 9, 2016 a U.S. District Court Judge for the Northern District of Illinois granted Summary Judgment in favor of the plaintiffs in a FDCPA lawsuit involving publicly traded debt buyer Portfolio Recovery Associates, LLC.
Yesterday, Encore Capital Group (ECPG), reported its financial results for the first quarter of 2016. Encore is an international specialty finance company with operations in eight countries that provides debt recovery solutions for consumers across a broad range of assets. Financial Highlights for the First Quarter of 2016: Estimated Remaining Collections (ERC) grew 12% to $5.7 billion, compared […]
Yesterday, PRA Group (PRAA) reported its financial results for the first quarter of 2016. PRA Group is one of the largest purchasers of defaulted receivables worldwide. First Quarter Highlights – 2016 Estimated remaining collections at a new record of $5.3 billion Cash collections of $384.3 million, currency adjusted cash collections of $389.7 million. Cash collections […]
This article originally appeared as an Alert on ClarkHill.com, and is republished here with permission. Lightning can strike twice. With the ink barely dry on the Consent Order against the Hanna Law Firm (Hanna) in Georgia, the Consumer Financial Protection Bureau (CFPB or Bureau) yesterday took action against another debt collection law firm for the filing […]
Portfolio Recovery Associates will pay $18 million to resolve multidistrict litigation accusing the debt collection company of violating the TCPA by making autodialed phone calls to consumers without their consent, according to documents filed Monday in California federal court.
Yesterday the CFPB announced that a New Jersey law firm and a debt purchasing company had agreed to pay $2.5 million in response to the agency’s assertions regarding the filing of “mass-produced” lawsuits. The law firm, Pressler & Pressler, issued a strong response, noting that no restitution or invalidation of judgments was required in the agreement, and that the settlement is not about laws or rules that are currently in place.