Creditors Financial services Garnishment Student Loans 
Troutman Sanders
NOVEMBER 13, 2023
On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here.
Collection Industry News
MARCH 17, 2024
Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. Over 700,000 New Yorkers have medical debt.
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Troutman Sanders
DECEMBER 20, 2022
d/b/a Premier Student Loan Center, a student-loan debt-relief company. Proposition 209 has been touted as a way to protect Arizonans with medical debt from bankruptcy, has set new exemption limits on property subject to debt collection, and has decreased the portion of a judgment debtor’s income subject to garnishment.
FFGN COLLECT NY
JANUARY 10, 2024
Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. Over 700,000 New Yorkers have medical debt.
Troutman Sanders
AUGUST 9, 2021
On August 5, the Consumer Financial Protection Bureau released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower protections. For more information, click here.
Troutman Sanders
MARCH 22, 2021
Department of Education announced that about 72,000 student loan borrowers, who were defrauded by their schools, will receive student loan forgiveness that could total $1 billion. On March 17, Virginia Attorney General Mark Herring announced a new law preventing garnishment or seizure of economic support payments.
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. The CARES Act offers relief for those with federal student loans.
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