On February 27, Wyoming Governor Mark Gordon signed into law House Bill 284, which requires debt buyers be licensed as “collection agencies” starting July 1, 2023.
The bill was introduced at the request of the Receivables Management Association International (RMAI) to address an emerging debate as to whether debt buyers should have been licensed
As reported here, on September 9, 2022, the California Department of Financial Protection and Innovation (CA DFPI) published a notice of rulemaking action, proposing amendments to the Student Loan Servicing Act.
The proposed rules clarify that all education financing products, including income share agreements (ISAs) and installment contracts, are student loans, and servicers of
A district court in the Northern District of California recently denied in part a motion for judgment on the pleadings in a case alleging violations of the Telephone Consumer Protection Act (TCPA), Fair Debt Collection Practices Act (FDCPA), and California’s Rosenthal Act involving collection texts sent to a consumer.
The Arizona Court of Appeals recently clarified how the state’s debt collection statute of limitations applies to debt created by a land sale contract.
Arizona has a six-year statute of limitations to enforce installment debt created by a written contract, which is codified at A.R.S. § 12-548. A lender must enforce the debt through foreclosure
On February 13, the Second Circuit Court of Appeals affirmed the decision of an Eastern District of New York court and found that the defendant law firm, Mandarich Law Group, LLC (Mandarich), had conducted a meaningful attorney review of the plaintiff debtor’s account prior to mailing her a debt collection letter on the firm’s letterhead.
This morning the U.S. Supreme Court granted the Consumer Financial Protection Bureau’s (CFPB or Bureau) petition for certiorari in Community Financial Services Association of America Ltd. (CFSA) v. CFPB, a case that could decide once and for all whether the funding mechanism for the Bureau is constitutional. The order list does not specify which
On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. According to the CFPB, the nine targeted lenders represent a cross-section of the auto finance market and the data collected in response to these
According to the district court for the District of Massachusetts, debt collectors may be found in violation of § 1692g(a)(3) of the Fair Debt Collection Practices Act (FDCPA) when sending debt collection letters requiring the consumer to dispute the debt in writing.
As background, in Sherwyn Rocke v. Monarch Recovery Management, Inc. (Monarch), the
As discussed here, on September 8, 2022, an en banc panel of the Eleventh Circuit Court of Appeals reversed the district court’s decision that a debt collector’s outsourcing of its letter process to a third-party mail vendor violated the Fair Debt Collection Practices Act’s prohibition on third-party disclosure. The Eleventh Circuit remanded the case
As previously reported here, on May 25, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post, examining what it described as the “practice of suppressing payment data” by credit card issuers in connection with their credit reporting. In its blog post, the CFPB alleged its research conducted in 2020