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COVID-19 Collections Impact Bulletin: State Responses (December 2020 Update)

Burr Forman

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. On August 31, 2020, the state legislature enacted the COVID-19 Tenant Relief Act of 2020.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

The licensed entities include vehicle finance companies, traditional installment lenders, and mortgage lenders. The law does not impact most third-party collection agencies, but it does impact some creditors and debt buyers. Under the newly enacted law, consumers now can protect $500 per week of their wages, up from $290 a week.