The RMAI Certification Council announces the adoption of version 13.0 of the Receivables Management Certification Program after a lengthy development and review process. Several significant enhancements were added to the program in version 13.0, including:
- Allowing the Full Compliance Audit to be done remotely with several exceptions.
- Modifying the review process for claims of identity theft.
- Adopting provisions on how to handle coerced debt.
- Aligning the Data Security Standard with the FTC Safeguards Rule.
- Adopting a higher malpractice insurance requirement for larger law firms.
- Updating the client trust account requirements for law firms and collection agencies.
Version 13.0 goes into effect on March 1, 2025 for all new businesses and individuals seeking to be certified and for all certified businesses and individuals submitting a renewal application.
For more information on RMAI certification, please visit the RMAI website at www.rmaintl.org/certification.
This Member Alert is intended for members of the Receivables Management Association International, 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.