Daily Digest – January 4. The Caselaw that Shaped the ARM Industry in 2021; New Law Lowers Judgment Interest in N.Y.

THE CASELAW THAT SHAPED THE INDUSTRY IN 2021

  • It is likely not a surprise to anyone what the most impactful lawsuit was to the accounts receivable management industry in 2021. But the suit that was the second-most important might surprise some. And some hope that the case that was the most impactful in 2021 is also the most impactful in 2022, albeit for hopefully different reasons. AccountsRecovery.net asked some of the leading legal minds in the industry what lawsuit they thought had the biggest impact on the ARM industry in 2021. Here is what they said.

FDCPA CLASS ACTION ALLEGES ‘CONTRADICTORY’ STATEMENTS IN LETTER MISLED CONSUMER

  • A class-action complaint has been filed against a collector for allegedly violating the Fair Debt Collection Practices Act because it mentioned at the top of a collection letter that the letter’s recipient could call the collector for further assistance, while disclosing at the bottom of the letter that if the recipient wanted to dispute the debt, it had to be done in writing. The allegedly contradictory statements were misleading and confusing to the individual, according to the complaint.

N.Y. AG CANCELS, RECOVERS $265K IN ‘ILLEGAL’ DEBT, ASSESSES $50K FINE

  • The Attorney General of New York has canceled and recovered more than $265,000 in “illegal” debt and imposed a fine of $50,000 as part of an investigation into a company that provides off-campus housing to students attending SUNY Buffalo State College.

N.Y. ENACTS LAW LOWERING JUDGMENT INTEREST ON CONSUMER DEBTS

  • The Governor of New York last week signed a bill into law that will lower the interest rate that can be charged on unpaid money judgments to 2%. The law not only applies to new judgments, but also will be applied retroactively to any judgment that is not fully paid or satisfied when the law goes into effect. The law is scheduled to go into effect on April 30.

WORTH NOTING: As someone who had one of these long ago, I can shed a tear for the official end of an era … The average used car price has increased 39% in the past year … The fish were jumping so much they were falling out of the sky … Pandemic habits you should consider dropping in 2022 … This sounds like a nightmare. All I keep thinking about is how they are going to the bathroom … Five tips to help you nail a financial negotiation … What you need to know about facemasks and Omicron … Just how bad is customer service at the IRS? … A new record for daily COVID-19 cases was set yesterday.

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