Troutman Sanders

OCTOBER 16, 2023

The bill amends existing law allowing a judgment creditor to apply for an order requiring the judgment debtor to appear before the court and provide information to aid in the enforcement of a money judgment. A willful violation of this provision would be considered a crime and this bill would impose a state-mandated local program.

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True Accord

SEPTEMBER 23, 2020

Last week, Sheila Monroe, TrueAccord’s COO, was the featured guest on “Credit Eco To Go,” a consumer finance podcast hosted by Joann Needleman, a leading financial services attorney at Clark Hill. The theme was putting the “consumer” back into consumer financial services.

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Troutman Sanders

JANUARY 10, 2023

In practice, the court’s ruling relegates Earn Account holders to the class of “unsecured creditors,” and their ability to recover their losses depends on two circumstances: (1) priority of distributions to unsecured creditors under a confirmed Chapter 11 bankruptcy plan and (2) the liquidity of the bankruptcy estate.

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Troutman Sanders

OCTOBER 3, 2023

One creditor did not remove the information, and the consumer sued under the FCRA. The consumer appealed after the district court granted summary judgment to the creditor finding the consumer could not show harm for the creditor’s failure to conduct a reasonable investigation.

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Troutman Sanders

MAY 2, 2023

However, due to partisanship in the Senate, Senator Lummis believes her bill is unlikely to pass before the House Financial Service Committee’s bill is introduced. Khan appeared before the House Appropriations Subcommittee on Financial Services and General Government to discuss its FY 2024 budget request and the agency’s ongoing work.

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Troutman Sanders

NOVEMBER 15, 2022

Proposition 209, or the Predatory Debt Collection Act, lowers the interest rate cap on medical debt and also increases the value of assets shielded from certain creditors. The measure will not apply retroactively, so medical debt incurred before its passing are not subject to the cap. Prop 209 is expected to become law in January 2023.

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Better Credit Blog

AUGUST 22, 2020

If you have an unpaid medical bill, you may begin to hear from a debt collector known as CMRE Financial Services. CMRE Financial Services is a collection agency that collects medical debts on behalf of hospitals and other healthcare businesses. What is CMRE Financial Services? Know Your Rights.

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Better Credit Blog

SEPTEMBER 9, 2020

Have you noticed a company called Phoenix Financial Services on your credit report? If you are interested in removing Phoenix Financial Services from your credit report, check out our article below for a full how-to guide on how to clean up your report and boost your score. What is Phoenix Financial Services?

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Jimerson Firm

DECEMBER 10, 2021

Many secured creditors and equipment leasing companies have encountered defaulted debts, where the debtors and lessees retain possession of the collateral, including cars, boats, machinery, or other equipment. What Options do Florida Creditors Have for the Recovery of Personal Property? Self-Help Repossession.

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Troutman Sanders

MAY 31, 2022

Federal Activities: On May 26, the Consumer Financial Protection Bureau (CFPB) confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying a credit application or taking other adverse actions, even if the creditor relies on credit models using complex algorithms.

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Troutman Sanders

MAY 9, 2023

Among other things, the bill: (1) caps the rate of interest on medical debt to 3% per annum; (2) requires a debt collector or collection agency collecting on a medical debt to provide the consumer, upon the consumer’s written or oral request, an itemized statement concerning the debt, while allowing the consumer to dispute the validity of the debt (..)

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Troutman Sanders

DECEMBER 14, 2021

On December 7, the CFPB finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022. For more information, click here.

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Troutman Sanders

DECEMBER 20, 2022

The plaintiffs, led by the Arizona Creditors Bar Association, Inc., For more information, click here. contend Proposition 209 should be declared void due to the vagueness of the savings clause. The evidentiary hearing occurred on December 16, 2022. For more information, click here.

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Account Recovery

JULY 26, 2023

In an announcement that is likely to have every creditor — especially those in the financial services industry — reaching out to their third-party partners, the Office of the Comptroller of the Currency yesterday announced that American Express National Bank has paid a $15 million fine for not properly governing or overseeing how a third-party (..)

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Jimerson Firm

NOVEMBER 16, 2020

In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the collateral. The quickest and cheapest way for a secured creditor to take possession of the collateral is by self-help repossession. 679.609, Fla. What Does it Mean to “Breach the Peace”? 2d at 625 (Fla.

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Troutman Sanders

JULY 18, 2022

The Consumer Financial Protection Bureau (CFPB) agreed to a March 31, 2023 deadline to issue a final rule under Section 1071 of Dodd-Frank. Section 1071 amended the Equal Credit Opportunity Act to impose significant data collection requirements on small business creditors. For more information, click here.

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Troutman Sanders

FEBRUARY 22, 2021

On February 16, Colorado State Senators Faith Winter and Julie Gonzales introduced SB21-057 , a bill that will expand the Colorado Student Loan Servicers Act. Currently, the act only applies to persons who service student loans. For more information, click here. Don’t provide personal information to anyone contacting you.

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Troutman Sanders

NOVEMBER 2, 2020

State Activities: On October 30, Virginia Governor Ralph Northam signed House Bill 568, which automatically exempts emergency relief payments, as defined in the bill, from the creditor process, including garnishments and liens. To read the full statement, click here.

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Troutman Sanders

DECEMBER 7, 2021

Attorney General James stated, “No consumer should be sued over a debt they do not legally owe or which a creditor has no right to collect, but as we recover financially from COVID-19, we are seeing more and more debt collectors come out of the woodwork with outrageous claims.” For more information, click here.

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Troutman Sanders

SEPTEMBER 7, 2021

The three phone call limit includes all phone numbers and accounts the creditor or collector has for the consumer, but does not include consumer calls made to a collector or calls by a collector in response to a consumer’s request for a returned call.

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Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

APRIL 26, 2021

House of Representatives passed seven bipartisan bills introduced by House Financial Services Committee members. The proposed rule also describes the provisions required in those agreements and specifies regulatory reporting treatment. For more information, click here. On April 22, the U.S. For more information, click here.

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Financial services Debt collector Loans Banks 52

Troutman Sanders

NOVEMBER 8, 2023

The defendant offered a “pause” program that allowed the plaintiff to suspend service for up to nine months at a cost of $5 per month, which the plaintiff accepted. Ultimately, the plaintiff filed for chapter 7 bankruptcy protection, listed the defendant as an unsecured creditor, and obtained a discharge of her debt.

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Consumer Financial Services Law

OCTOBER 31, 2021

As debt collectors make the final push towards implementation, there are crucial conversations debt collectors should be having with creditors to ensure a smooth transition. Moreover, the creditor will need to include with the balance an itemization of the interest, fees, payments, and credits which have accrued since the itemization date.

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Troutman Sanders

SEPTEMBER 8, 2023

Although the credit union’s tradeline was updated to reflect that the account was “closed” and in collections, and the collection agency’s tradeline indicated that the credit union was the original creditor, both tradelines showed a balance, albeit for different amounts — $18,340 for the credit union and $20,875 for the collection agency.

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Troutman Sanders

NOVEMBER 16, 2021

For more information, click here. On November 8, New York Governor Kathy Hochul issued a press release after signing legislation addressing robocalls.

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Troutman Sanders

JUNE 15, 2021

On June 8, California Attorney General Rob Bonta warned “financial institutions, creditors and debt collectors that it is illegal to seize federal Child Tax Credit payments for individual debts in California.” The CDC order is lawful, necessary to protect public health, and must remain in place,” said Attorney General Tong.

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Troutman Sanders

AUGUST 9, 2021

Under civil case procedures established by the rules, a foreclosing creditor cannot obtain a judgment against a homeowner until certifying that loan modification and “loss mitigation” negotiations were attempted with the borrower.

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Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

AUGUST 3, 2020

This bill would limit what creditors and debt collectors can do to recover unpaid debts when a national emergency has been declared and for a period of 120 days when the declaration is over. The bill has been referred to the House Financial Services Committee for consideration. 7796, in the House of Representatives.

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Financial services Garnishment Debt collector Collections 52

Troutman Sanders

JULY 7, 2021

The law does not impact most third-party collection agencies, but it does impact some creditors and debt buyers. The licensed entities include vehicle finance companies, traditional installment lenders, and mortgage lenders. For more information, click here.

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Troutman Sanders

MARCH 22, 2021

HB 5068, passed during special session after the first round of federal support payments, makes the first $1,200 of any COVID-19-related economic relief payments exempt from garnishment by debt collectors and creditors. For more information, click here. On March 10, the Oklahoma Senate passed a health care debt collection bill.

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Financial services Garnishment Student loans Student Loans 52

Troutman Sanders

MAY 10, 2021

On May 6, New Jersey Senate Bill 3669 was referred to the Budget and Appropriations Committee. SB 3669 would provide mortgage payment relief for residential property owners and small landlords during the COVID-19 emergency period. ” For more information, click here.

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Jimerson Firm

APRIL 9, 2024

When a court enters a civil money judgment, it creates a judgment debtor and a judgment creditor. If the judgment debtor fails or refuses to pay the amount of the judgment, the judgment creditor may elect to use statutory collection methods to partially or fully satisfy the judgment.

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Troutman Sanders

JULY 27, 2020

3841, a bill that protects the stimulus funds under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) from being garnished by judgement creditors and debt collectors, similar to how Social Security payments are exempt from being garnished. On July 23, 2020, the Senate unanimously passed S. For more information, click here.

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CSA

MARCH 4, 2021

Similarly, Baroness Kramer (LibDem) also spoke strongly against the amendment, making a positive case for the value of debt purchase in freeing up capital and liquidity for creditors who in turn make credit available for others. She said that the Bennett amendment would ?constrain

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Troutman Sanders

MAY 17, 2021

Previously, Khan served as a legal advisor to former FTC Commissioner Rohit Chopra. For more information, click here.

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Troutman Sanders

FEBRUARY 28, 2022

For more information, click here.

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Consumer Financial Services Law

DECEMBER 12, 2016

Creditors and debt collectors who utilize pre-collect practices should pay close attention to a recent opinion from the Eastern District of Michigan. 1, 2016), the collection agency agreed to provide the creditor with demand letter services which involved a series of three letters per debt account. In Parker Burns v.

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