For the past few months there has been increased conversation within the Collections Industry in relation to 24 NYCRR 1, Debt Collection By Third-Party Debt Collectors and Debt Buyers (the “regulation”). Full text can be found here: http://www.dfs.ny.gov/legal/regulations/adoptions/dfsf23t.pdf
After reviewing the new regulation and discussing the issues with a few agencies, a team at DAKCS has developed a method to meet the perceived specifications of the new regulation. We use the term “perceived” because the Consumer Relations Consortium and other industry groups have asked for additional clarifications of the regulations, and New York regulators have promised more. Part of the regulation went into effect March 3, 2015, and more goes into effect in August.
Many ARM companies are trying to evaluate the impact these regulations will have on their business processes. We are proud of the fact that DAKCS products were flexible enough to easily adapt to the new regulations.
Listening to our customers, we found that being able to capture and key on specific details regarding payment arrangements — including the date recurring payment arrangements were made, date of the first payment, the frequency of the payment schedule i.e. weekly, monthly, bi-monthly etc. as well as documenting when the quarterly notice requirement was fullfilled — were key compliance requirements.
Our system allows for expansion of the database so that this additional data could easily be added, displayed and accessed in queries and placed on documents. Our support team worked with customers who collect in NY to quickly implement the new regulations into account flow.
When it comes to the ever changing compliance landscape make sure you look for a committed partner, and flexible software.