Connecticut became the fifth state to enact comprehensive consumer data privacy legislation on May 10, with Governor Ned Lamont’s signing of Substitute Senate Bill 6 (Public Act 22-15 or Act). This makes Connecticut the fifth state to enact such legislation following California, Virginia, Colorado, and Utah. The Act will go into effect July 1, […]
Today, the New York State Office of Court Administration (OCA) issued four new form affidavits that, effective immediately, need to be used when applying for default judgments on consumer credit transactions on revolving and non-revolving accounts. A consumer credit transaction is defined as “a transaction wherein credit is extended to an individual and the money, […]
Receivables Management Association International (RMAI) is excited to provide a resource for financial success: FinancialLiteracy.Rocks (http://financialliteracy.rocks/). RMAI is committed to protecting consumers and helping them reach their financial goals, manage debt, and create a stronger economy one financial decision at a time. This website gathers helpful resources together for ease of […]
April 18, 2022 (Sacramento, CA) – RMAI is pleased to announce the release of a new educational resource, Understanding the Receivables Management Industry: A Guide to Key Concepts, Terms and Acronyms. This downloadable guide is designed for industry employees, as well as any others who want to learn about the receivables management industry. April is Financial Literacy […]
On April 7th, Colorado Governor Jared Polis signed Senate Bill 86 into law as Chapter 74 of the Laws of 2022. This law took effect the day it was signed. The law establishes a $2,500 exemption for garnishments on bank accounts and increases the homestead exemption from $75,000 to $250,000 for the general public […]
Within the past hour, the New York State Department of Financial Services (DFS) issued guidance on how debt collectors should interpret existing DFS rules as it relates to the Consumer Credit Fairness Act (CCFA) which took effect today. Provisions of CCFA contradicted DFS consumer notice requirements. Specifically, CCFA prohibits the revival of a debt […]
This week, RMAI had a follow up call with the New York State Department of Financial Services (DFS) concerning their ongoing effort to update New York’s Debt Collection Rules. The proposed rule amendments would make significant changes to the current regulation related to consumer notices, validation requirements, statute of limitations disclosures, substantiation requirements, and […]
Launches Certification Version 10.0
March 10, 2022 (Sacramento, CA) – The RMAI Certification Council announces the adoption of version 10.0 of the Receivables Management Certification Program (RMCP) after a seven-month development and review process. Several significant enhancements were added to the program in version 10.0, including requiring Certified Businesses to:
RMAI encourages its members to help defeat an attempt to change Arizona’s collection laws through an initiative that would appear on the November ballot. If approved by the voters, the initiative will create the highest wage garnishment exemptions in the nation – effectively banning collections on the first $56,000 of wages.
This is a first in […]
February 10, 2022 (Sacramento, CA) – Members of Receivables Management Association International (RMAI) elected Officers and Directors to its Board for 2022. Of the ten-member Board, nine are continuing service from the previous year. The 2022 Officers and Directors are: