Today, the Oregon Department of Consumer and Business Services (DCBS), at the request of RMA, has published a safe harbor notice on enforcement actions for debt buying companies who have not been issued the new debt buyer license by the law’s January 1, 2018 effective date. To qualify for the safe harbor, debt buying companies must meet the deadlines outlined in the DCBS notice which is reproduced below.

Special Notice:

House Bill 2356 requires persons engaged in the business of debt buying to obtain a license byJanuary 1, 2018. The Department of Consumer and Business Services’ Division of Financial Regulation began accepting applications for new Debt Buyer Licenses through the Nationwide Multistate Licensing System and Registration (NMLS) on November 1, 2017. To assist applicants, for debt buyer license applications submitted by December 1, 2017, the Division will guaranty review and communicate any deficiencies by December 15. The Division will also guaranty that any amendments submitted prior to December 22, 2017 will be reviewed within seven calendar days. The Division will not pursue enforcement of persons with pending applications on January 1, if the applicant adheres to the deadlines established by the division for responding to deficiencies.

Available Resources

Below are some links to resources you may find helpful as you begin the application process:

For questions, contact David Reid, RMA’s Director of Government Affairs & Policy, at (916) 779-2492 or dreid@rmaintl.org.

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.