Editor's Note: This article was originally published on the Maurice Wutscher blog and is republished here with permission.
Newly introduced legislation in Texas, House Bill 996, addresses when a debt buyer can initiate legal action or arbitration to collect a consumer debt and requires specific notices with respect to out-of-statute debt.
“Debt buyer” is defined as “a person who purchases or otherwise acquires a consumer debt from a creditor or other subsequent owner of the consumer debt, regardless of whether the person collects the consumer debt, hires a third party to collect the consumer debt, or hires an attorney to pursue collection litigation in connection with the consumer debt. The term does not include:
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