March 20, 2020: Since the National Emergency was called, RMAI leadership has been working non-stop to monitor state and federal guidance, provide advice and support for our members, and transition association operations to a remote work environment.
Today, RMAI along with several members issued the attached statement to several state governors. Please note the guidance recommended, which is listed below.
In this time of uncertainty, the policies RMAI is adopting, and recommending others to adopt, include provisions to ensure we work appropriately and compassionately with consumers who are experiencing difficult life situations. To that end, we have committed to:
- Work with and be sensitive to consumers who encounter unforeseen circumstances.
- Temporarily suspend collection activities when a consumer demonstrates that he or she is experiencing significant financial hardship due to job loss or medical issues related to COVID-19. We do not require these requests be made in writing and will honor oral requests in the same manner.
- Cease collection activities when we receive documentation indicating that the consumer’s only source of income is from exempt sources, such as Social Security or Supplemental Security Income benefits, and that the consumer has access to no other assets.
- Place collection holds with respect to the consumer, not only the account. In other words, all of the consumer’s accounts would be suspended, not just on an account by account basis.
We are empathic to the stress this national emergency is placing on each of your businesses and, undoubtedly, you personally as well. RMAI stands ready to assist in any way we can.
This alert is intended for members of the Receivables Management Association 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.