Keeping you informed about the work that is taking place on your behalf and reminding you of important news and updates. This is a ‘members only’ publication so you need to login to view on the website.
Federal Activity
The leadership of the Federal Legislative and Regulatory Committee met in Washington DC in early March to lay out goals and plans for the year. Meeting with DBA Federal Counsel, K&L Gates, the priority issues for the year were set:
1. Insuring the viability of debt sales,
2. Insuring a robust resale market, and
3. Insuring that regulatory and/or legislative barriers are not enacted that create unreasonable barriers to the collection of legitimate debt.
Strategies including developing industry champions on Capitol Hill, establishing relationships with non-traditional advocacy groups, promoting the DBA self-regulatory Certification Program, and enhancing our grassroots relationships are all components which are part of the overall strategy for 2016.
Look for an announcement of a symposium in September, “DC and Debt Buying—an Inside the Beltway Perspective” in the coming months. Among other topics on the agenda, the impact of the Presidential elections on the debt buying industry will be addressed.
State Legislative Activity
Legislatures in Session (active): 41
Tracked Bills in Active Status: 98 out of 106 (17 percent increase from last month)
DBA Retained Lobbyists: 6 (California, Connecticut, Maryland, Massachusetts, New York and Rhode Island)
Active Negotiations: 4 (Connecticut, Maryland, Massachusetts and Rhode Island)
Noteworthy Bills Introduced in Prior 30 Days:
Alabama SB 288 – Reduces the statute of limitations on a credit card debt from six to three years.
Connecticut HB 5571 – Consumer collection agencies would be: (1) prohibited from imposing any interest, fee, or charge unless the debtor explicitly agreed to its imposition in writing; (2) required to attach a copy of the contract and assignment to the complaint; (3) required to provide specific account related information to the consumer within five business days after the initial communication; (4) prohibited from bringing suit and reviving the statute of limitations after the expiration of the statute; and (5) subject to a state-level private right of action.
Noteworthy Bills of Continuing Concern:
Maryland HB 783 – Requires debt collectors to possess “verifiable information” to collect on a debt; requires specific affidavit requirements for litigation; requires creditors to provide debt buyers with specific documentation; and prohibits a debt buyer from reselling a purchased debt to any entity other than the originating creditor.
Maryland HB 1491/SB 771 – Prohibits debt buyers (and collectors acting on their behalf) from initiating a consumer debt collection action unless they possess specific data and documents.
Massachusetts SB 146 – Reduces the statute of limitations in an action for the collection of a consumer debt from six to three years to be measured from the earlier of the date of charge-off, placement for collection, or 180 days after the last regular payment. Payments made while within the limitations period will not toll the statute. The debt will be expunged once the statute has expired (loss of both the legal remedy and the contractual right to voluntary collection).
Pennsylvania SB 1072 – Amends the Pennsylvania Fair Credit Extension Uniformity Act to prohibit debt collectors or creditors from communicating with consumers regarding a debt more than three times by telephone. The bill would define such action as an unfair act or deceptive practice.
Rhode Island HB 7028 – Creates the “Expired Debt Act” which would among other things: (1) prohibit consumer contact until the collector “possesses verifiable information documenting” chain of title, the amount of the debt, and the connection of the debtor to the debt; (2) require consumer notices on out of stat debt in every communication when the debt is beyond the statute of limitations; (3) prohibits default judgements on out of stat debt; and (4) provides damages for mental distress and emotional anguish.
Rhode Island HB 7509 – Requires debt buyers to document whether they used statutory or contractual interest when obtaining a judgment and would allow consumers to vacate prior judgments if the plaintiff had not complied with the new standard.
Advocacy
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Education
MARCH WEBINAR
DBA offers a robust lineup of educational programs for professional development and credits towards your individual Certified Receivables Compliance Professional (CRCP) designation. Join us on St. Patrick’s Day for:
- Revenue Recognition on Purchased Debt– Thursday, March 17, 2016 at 9:00 a.m. PT
- Recorded Webinars: If you miss a live webinar, they are all recorded and available on our website. If you purchase the series package, you have access to either the live or recorded 2016 webina
Certification
DBA’s Receivables Management Certification Program (CMCP) continues to be adopted within the industry with more than 100 member companies and 200 individuals receiving certification. March 1, 2016 marked the deadline date for DBA International debt buying members actively purchasing portfolios to become certified.
“This milestone is truly the culmination of our members’ vision for the receivables industry,” said DBA International Board President Trish Baxter. “When DBA International members voted to amend the association bylaws in 2013 to require certification for membership by March 1, 2016, they were expressing their desire for the industry to coalesce around uniform standards of best practices designed to not only meet state and federal consumer protection laws, but in many cases exceed them. The fact is that certification is good for both consumers and the industry.”
Certification Help and Questions: DBA Staff is here to assist you in completing your certification by the March 1stdeadline or answer any questions you have about the bylaw changes. Contact Michelle Wren at (916) 482-2462 or [email protected].
CONGRATULATIONS
Congratulations to our newly certified companies and individuals!
Companies
Barnes Financial Services LLC
Debt Recovery Solutions
Dyck-O’neal Inc.
Hilco Receivables LLC
Investment Retrievers
Livingston Financial LLC
National Judgement Recovery
Portfolio Group Investors LLC
Quantum 3 Group
RSK Financial Group
Superior Capital LLC
Superior Debt Recovery LLC
US Mortgage Resolution LLC
World Credit Fund III LLC
World Credit Recovery LLC
Individuals
Anthony Kuhns, Convergence Receivables LLC
Brian Winn, Winn Law Group
Candice O’Brien, Collecto, Inc dba EOS CCA
Casey Rucker, Converging Capital LLC
David Rachmanov, Superior Debt Recovery LLC
Jacob Torriere, Torrier Holdings Inc.
James Powell, Portfolio Group Investors LLC
Jeanette Aceves, Icon Equities
Kenneth Luster, Second Round
Larry Harrington, Harrington Law Firm/RT Capital Inc.
Linh Tran, Quantum 3 Group LLC
Miles Fisher, Genesis Recovery Services Inc.
Nenad Nastevski, Steel Tower Holdings
Scott Kennard, Nelson & Kennard
Walter Poser, Poser Investment
View all certified companies and certified individuals on our website.
Executive Summit
DBA International’s 2016 Executive Summit
August 2-4, 2016
Omni Hotel, Hilton Head, South Carolina
DBA International’s Executive Summit is an intentionally intimate event. Hosted at the Omni Hilton Head Oceanfront Resort, you’ll enjoy a beautiful resort with unmatched white sand beaches joining the cool blue Atlantic Ocean. Tropical gardens run throughout the Hilton Head beach resort, providing a serene and tranquil place where you can choose from a variety of activities during your stay.
The Summit features the most current educational program on trending topics, special guest speakers, certification credits and unparalleled opportunities to network with industry colleagues and create new business opportunities. The limited audience shifts presentations to interactive discussions, and gives you the platform to let your voice be heard.
Registration opens May 2, 2016. Ensure your seat at the table and register early.
Visit www.DBAInternational.org/ExecutiveSummit
Welcome New Members
(since Febuary 15, 2016)
The DBA International membership continues to grow. Welcome to our newest members:
- Affinity Global – Canada
- ARS National Services, Inc. – California
- Crosby Capital – New York
- DRS Processing, LLC – North Carolina
- EFT Network – New York
- Finance Holding Company, LLC – California
- Heritage Capital Group – California
- JAA Law Group – California
- Lend Street Financial, Inc. – California
- Peroutka, Miller, Klima & Peters, P.A. – Maryland
- Rodriguez Fernandez Law Offices, LLC – Puerto Rico
- The Private Bank – Illinois
The following DBA members have been instrumental in recruiting the above new members. Thank you for your effort!
Dave Barrett, Portfolio Investment Solutions
James Kiley, Investment Retrievers
Read more about these members and other members on the Member Search page.
Other Industry Events
DBA International works to open new markets and promote the industry at various conferences and events throughout the year (look for us at these upcoming events). Also, you can earn education credits towards certification at these events.
| DATE | EVENT/LOCATION |
| Mar. 29 – Apr. 1 | 10th Annual Credit and Collection News Conference; Jacksonville, FL |
| May 4 – 7 | NARCA 2016 Spring Conference; Sheraton Chicago Hotel, Chicago, IL DBA exhibiting |
| May 24 – 26 | NABD 18th Annual Conference; The Wynn, Las Vegas, NV DBA presenting a workshop on Preparing a Portfolio for Sale |
| June 1 – 3 | NAF Non-Prime Auto Financing Conference; Marriott Legacy Town Center, Plano, TX |
| Aug. 2 – 4 | DBA International Executive Summit; Omni Hotel, Hilton Head, SC |
Public & Media Relations
Media outreach was done around the March 1, 2016 deadline date for DBA International debt buying members actively purchasing portfolios to become certified. Our Receivables Management Certification Program continues to be adopted with nearly 100 member companies and 200 individuals completing their certification. View all DBA press releases.
Looking for strong messages and data to use in outreach to and education of media? Utilize DBA’s Resources for Reporters.
2016 Legislative Fund Contributors
Thank you 2016 Legislative Fund contributors. Your support allows us to influence threatening legislation, while also promoting and preserving the best interests of DBA members. Make your contribution today!
Silver ($5,000)
Second Round
Brass ($1,000)
Barnes Financial Services, LLC
Other Contributors
Crosby Capital
Debt Control Agency, Inc. (DCA)
Dynamic Recovery Solutions
Federal Pacific Credit Company, LLC
Fort Crook Financial
Michael Haynes & Associates
Moss Adams
Premier Forty Financial, LLC
Rodriguez Fernandez Law Office