MINNEAPOLIS, Nov. 18, 2010 /PRNewswire-USNewswire/ -- The Internet and social networking have opened doors to connecting people in ways never before imagined. (Logo: http://photos.prnewswire.com/prnh/20101018/ACALOGO)
No one ever notified tens of thousands of New Yorkers in financial trouble that they were embroiled in a debt-related lawsuits. Courts handed out default judgments and froze assets, to the surprise of many unknowing consumers. On Wednesday, state Attorney General Andrew Cuomo announced that his office was moving to have nearly 100,000 of those default judgments thrown out, including 11,428 in Western New York, by suing 35 law firms and two debt collectors in the state.
...The Fair Debt Collection Practices Act (FDCPA), 15 U. S. C. §1... administrative penalties for debt collectors whose intentional actions reflected knowledge that...
One of the more controversial laws passed in the current legislative session comes from New York City, where the New York City Council unanimously passed Int. No. 660 -A, amending the city's administrative code concerning licensing and collection requirements for third-party debt collection agencies and asset buyers. With respect to licensure, the bill expands the city's licensing requirements to asset buyers that purchase delinquent debt and seek to collect on the debt either "directly or through the services of another." Int. No. 6 60 -A also requires a license be obtained by attorneys- at-law or law firms that regularly engage in activities traditionally performed by debt collectors. This year, Arkansas enacted a state Fair Debt Collection Practices Act, which also alters current lic...
...FEDERAL TRADE COMMISSION. Public Workshop: Debt Collection 2.0: Protecting Consumers as. Technolog... issues that have arisen as debt collectors avail themselves of advances in technology. The wo...
Civil Practice Class Action Certification Document Preparation Where plaintiffs challenged a $75 document preparation fee for a boat purchase, and a trial court limited the class certification to contracts entered into within Missouri, the court abused its discretion because the claims arose from the same purchase agreement documents, all of which were drafted by the defendants and required the application of Missouri law to any claim, and a forum selection clause required all claims arising from the documents to be litigated in Greene County.Preliminary writ made permanent.State ex rel. Robert McKeage, et al. v. Cordonnier (MLW No. 63188/Case No. SC91658 - 7 pages) (Supreme Court of Missouri, Draper III; all concur) Original proceeding in prohibition (Steve Garner, Chandler Gregg and J...
... economic interest in the repayment of the debt. (27) For the first time in the nation's history, ... mortgage servicers, originators, debt collectors, and foreclosure law firms. (37) MERS invites fina...
The Bureau of Consumer Financial Protection (Bureau) is proposing a new regulation pursuant to section 1024 of the Consumer Financial Protection Act of 2010. That provision grants the Bureau authority to supervise certain nonbank covered persons for compliance with Federal consumer financial laws and for other purposes. The Bureau has the authority to supervise nonbank covered persons of all sizes in the residential mortgage, private education lending, and payday lending markets. In addition, the Bureau has the authority to supervise nonbank ``larger participant[s]'' in markets for other consumer financial products or services. The Bureau must define such ``larger participants'' by rule, and such an initial rule must be issued by July 21, 2012. In this proposal, the Bureau proposes to d...
... participants in the markets for consumer debt collection and consumer reporting. The Bureau inte...Service providers to consumer debt collectors and consumer reporting agencies may include firms ...
Tracking down delinquent debtors is one challenge. Getting them on the phone is another. Some are extremely adept at hiding assets and moving," said Lynne Williams, head of a Chesapeake debt-collection firm.
FTC Alleges that Defendants Targeted English- and Spanish- Speaking Consumers, Posing As Process Servers and Attorneys WASHINGTON, Oct. 26, 2011 /PRNewswire-USNewswire/ -- At the request of the Federal Trade Commission, a U.S. district court has halted a debt collection operation that allegedly deceived and abused consumers - making bogus threats that consumers had been sued or could be arrested over debts they often did not owe. As part of its continuing crackdown on scams that target consumers in financial distress, the FTC charged two individuals and seven companies in a Corona, California-based debt-collection operation doing business as Rincon Debt Management. The court order stops the illegal conduct, freezes the operation's assets, and appoints a temporary receiver to take over t...
... have a right to expect that debt collectors will be truthful and abide by the law," said FTC C...
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