CFPB Debt Collection Rule Resource Guide

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1006.26 Collection of time-barred debts

• (a) Definitions. For purposes of this section:
  • (1) Statute of limitations means the period prescribed by applicable law for bringing a legal action against the consumer to collect a debt.
  • (2) Time-barred debt means a debt for which the applicable statute of limitations has expired.
• (b) Legal actions and threats of legal actions prohibited. A debt collector must not bring or threaten to bring a legal action against a consumer to collect a time-barred debt. This paragraph (b) does not apply to proofs of claim filed in connection with a bankruptcy proceeding.

[For more perspective on time-barred debt collection, provided by Brit Suttell of Barron & Newburger, please click here.]

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