January 17, 2020 (Sacramento, CA): The Receivables Management Association International (RMAI) supports New York Governor Andrew Cuomo’s initiative announced last week in his State of the State Address in which he calls for the licensure of debt collection businesses. RMAI has long been a proponent of state licensing.
“Licensure is not only good for consumers, but it is also good for the receivables industry” said RMAI Executive Director Jan Stieger. “Licensure is highly consistent with the principles contained in RMAI’s Receivables Management Certification Program, which advances consumer protections by establishing the industry standards for best practices.”
Bad actors and criminal enterprises posing as debt collectors continue to scam unsuspecting New York consumers. The Governor’s initiative will go a long way to stamping out this consumer harm. If consumers were able to check on the licensure status of any business contacting them related to a debt, they can feel more comfortable having conversations that can then lead to a positive resolution for all parties.
Leaders like Governor Cuomo recognize the value of licensure for both consumers and the businesses that operate in the receivables industry in their state. Ensuring that legitimate businesses can operate under a state licensing construct will only benefit New York companies that employ thousands of employees, many of whom are in the Upstate region.
While the bill language is not available yet, once released, RMAI plans on working closely with the Governor, legislators, the receivables industry, and consumer advocates to ensure the final adopted language will prevent bad actors from operating in the Empire State while not harming the business community. “RMAI has more member companies headquartered in New York State than any other state, so we have a vested interest in getting this right” added Stieger.
About Receivables Management Association International:
Receivables Management Association International (RMAI) is a nonprofit trade association that represents more than 500 companies that purchase or support the purchase of performing and nonperforming receivables on the secondary market. The Receivables Management Certification Program and Code of Ethics set the global standard within the receivables industry due to its rigorous uniform industry standards of best practice which focuses on the protection of the consumer.
More information about RMAI is available at www.rmaintl.org.
