As of January 1, 2017, DBA International’s Receivables Management Certification Program (RMCP) has been expanded to certify businesses that facilitate the sale of receivables. A broker that meets fourteen specific standards of best practice will be eligible to earn the new “Certified Receivables Broker” (CRB) designation.
Similar to the existing “Certified Professional Receivables Company” designation for creditors, debt buying companies, law firms, and collection agencies, the CRB designation was designed to exceed the requirements of state and federal law. Among the standards are requirements concerning compliance, criminal background checks, insurance, data security, vendor management, broker agreements, due diligence, and establishing buyer and seller prerequisites.
In addition to broker certification, the revised RMCP includes other enhancements to existing program requirements, the most notable being the establishment of a “Meaningful Attorney Involvement” standard for certified law firms.
You can access the new version RMCP by clicking here. As always, these program requirements have been designed to be prospective due to the new heightened requirements and will be tied to a certified company’s next renewal.
Please do not hesitate to contact Michelle Wren at DBA International at (916) 482-2462 or [email protected] should you have any questions.
This Alert is intended for Members of DBA International and is for informational purposes only and is in no way intended to provide legal advice. Members are encouraged to consult with an attorney of their choice for legal advice concerning this matter.