The California Department of Financial Protection and Innovation sent out an update yesterday, announcing that the issuance of licenses to companies that applied for debt collection licenses has been “unavoidably delayed” because of changes that need to be made when requesting federal background checks. The DFPI did not provide a …
Read More »Bill Introduced in California to Lower Judgment Interest Rate, Restrict Renewals
A bill has been introduced in the California legislature that would significantly lower the amount of judgment interest that can be assessed on unpaid consumer and personal debt while also restricting the renewal of judgments. A copy of the bill, SB 1200, which was introduced by state Sen. Nancy Skinner …
Read More »Bill Introduced in California to Expand Definition of Collection Agency Under State Licensing Law
The Debt Collection Licensing Act in California has been in effect for a month and already changes are being proposed, in the form of expanding the definition of what constitutes a collection agency. A bill has been introduced in the state Assembly that would broaden the definition of a collection …
Read More »Calif. DFPI to Get $7M More in Proposed Budget
The Governor of California has earmarked more than $11 million of the budget for the state’s Department of Financial Protection & Innovation to “protect consumers and ensure transparency of the debt collector industry through strong government oversight and data collection.” The item was part of Gov. Gavin Newsom’s $286 billion …
Read More »January 1 Means New Laws Now in Effect
Along with college football and resolutions, January 1 is also a day when new laws often take effect, and there are some that went into effect that apply to the accounts receivable management industry. At the federal level, the No Surprises Act is now in effect, even though a lawsuit …
Read More »‘Unprecedented’ Volume of Account Requests Causing Slowdown at NMLS As Companies Try to File California Licensing Applications
Much like the days leading up to Christmas are when Santa Claus and his elves really feel the crush of getting everything ready, and much like the industry felt in the days leading up to the enactment of Regulation F last month, the Nationwide Multistate Licensing System is seeing an …
Read More »[UPDATED] California DFPI Proposes Changes to Definitions Under New Licensing Law
EDITOR’S NOTE: The DFPI has extended the deadline for comments to be submitted to December 2. This article has been updated to reflect that extension. The California Department of Financial Protection & Innovation has issued another set of proposed modifications to its licensing application and procedures for applying for a …
Read More »DFPI Issues Draft Rules to License Four New Types of Industries, Including Debt Settlement Providers
The California Department of Financial Protection & Innovation is seeking comments on a proposed rulemaking that would require four different industries to be registered with the state in order to operate — debt settlement services, student debt relief services, education financing, and wage-based advances. Comments on the proposed rulemaking are …
Read More »California Governor Signs Debt Collection ID Theft Bill Into Law
The Governor of California has signed a debt collection bill into law that will adjust how collectors address situations where an individual claims a debt is fraudulent as a result of identity theft. There was no effective date written into the statute, which means the law is likely going to …
Read More »California Legislature Passes AB1020
The California state Senate has followed the Assembly in passing AB1020, a bill that would restrict hospitals from selling certain patient debts, require collectors to certify that patients have been screened for public programs and financial assistance before filing a collection lawsuit, and extend the period before a debt could …
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