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 […]
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 […]
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 […]
The Certification Council is proposing edits to the Receivables Management Certification Program (RMCP). The Council is required to perform a review of certification program standards at least annually to ensure the program reflects “evolving industry best practices, input from key stakeholders and communities of interest, areas of Council concern, and recent regulatory and statutory changes.”
The […]
RMAI extends its thoughts of support to all of those affected by the December 10-13, 2021, disaster-declared severe storms, straight-line winds, and tornadoes. RMAI recommends all members temporarily suspend collection calls and communications to consumers in the portions of the following states directly affected by these emergencies:
To find out more about all […]
On Monday, New York Governor Kathy Hochul signed the “Consumer Credit Fairness Act” (SB 153) into law which will transform debt collection litigation practices on consumer credit transactions in the Empire State. This bill notably applies to originators as well as the collection industry. The provisions of the bill take effect on May 6, […]