Troutman Sanders

NOVEMBER 24, 2020

Among those directives, the service of a garnishment summons, wage deduction summons, or a citation to discover assets on a consumer debtor or consumer garnishee are suspended through December 12. On November 13, Illinois Governor J.B. Pritzker issued Executive Order 2020-71, which reinstituted 30 previous executive orders.

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Financial services Foreclosure Banks Loans 52

Troutman Sanders

AUGUST 9, 2021

On August 2, the Supreme Court of the State of New Mexico ordered the gradual lifting of the stay of writs of garnishment and execution in consumer debt collection cases. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

FFGN COLLECT NY

JANUARY 10, 2024

More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. In New York, retirement income from Social Security and other sources are exempt from garnishment.

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Garnishment Collections Debt collector Student loans 52

Troutman Sanders

APRIL 5, 2021

On March 24, New York Attorney General Letitia James released guidance regarding exemption of American Rescue Plan Act stimulus funds from garnishment. ” For more information, click here.

Financial services 52

Financial services Financial Institution Foreclosure Garnishment 52

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.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Troutman Sanders

SEPTEMBER 29, 2020

Pritzker extended Executive Order 2020-25, which includes limits on garnishments and wage deductions. The new system will enhance supervisory oversight of nonbanks. For more information, click here. On September 25, Illinois Governor J.B. The order is now in effect until October 17, 2020. For more information, click here.

Financial services 52

Financial services Garnishment Financial Institution Collection Agencies 52

Troutman Sanders

APRIL 19, 2021

Pritzker issued an executive order extending the suspension of garnishment, deduction of wages, and post-judgment citations to discover assets through April 30. For more information, click here. State Activities: On April 14, Illinois Governor J.B.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

MARCH 29, 2021

Specifically, hospitals would be prohibited from charging interest or fees on certain debts and from garnishing the wages of individuals who qualify for reduced or free medical care. Moreover, hospitals must offer payment plans to patients who do not exceed 5% of their income.

Financial services 52

Financial services Fair Debt Collection Lender Foreclosure 52

Troutman Sanders

JULY 7, 2021

On June 30, Maine Governor Janet Mills declined to veto a new law that expands consumer protections against garnishments. For more information, click here. Under the newly enacted law, consumers now can protect $500 per week of their wages, up from $290 a week.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

OCTOBER 26, 2020

Notices of foreclosure will only be accepted if the lender or servicer certifies that they notified the borrower of their right to request a forbearance. For more information, click here. On October 16, the Virginia General Assembly voted to amend VA Code § 8.01-512.4

Financial services 52

Financial services Financial Institution Foreclosure Banks 52

Consumer Financial Services Law

DECEMBER 21, 2016

The case arose from the law firm’s post judgment efforts to garnish wages. After serving a garnishment summons, the consumer claimed the funds as exempt. The defendants then made four additional attempts to garnish funds. Unifund CCR, LLC, 2016 U.S. LEXIS 168707 (Dec. The defendants moved to dismiss.

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Garnishment Law Firms Acquisition Debtor 40

FFGN COLLECT NY

JANUARY 6, 2023

Putting an end to the use of wage garnishments (income executions) in New York to collect medical judgments. The introduction of Senate bill S2632 prohibiting confessions of judgment as part of the necessary documents when buying or selling financial services or products to consumers.

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Collections Judgment Garnishment Financial services 52

Jimerson Firm

NOVEMBER 8, 2023

Nevertheless, a judgment creditor should consider the following: Post-judgment discovery (to locate assets and people) Depositions in aid of execution Writs of garnishment (against banks/financial institutions) Continuing writs of garnishment against salary and wages Attaching/executing on personal and real property Pursuing proceedings supplementary (..)

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Judgment Debtor Creditors Garnishment 59

Troutman Sanders

MARCH 11, 2024

The bill amends current state law that establishes what portions of a consumer’s financial assets can be garnished to satisfy a judgment.

Financial services 52

Financial services Garnishment Lender Banks 52

Consumer Financial Services Law

FEBRUARY 17, 2020

A series of post judgment garnishments. In Van Hoven , a law firm enforced a judgment by filing a series of garnishments. With each garnishment, the law firm included within the post-judgment costs accrued to date their garnishment filing fees. in damages and $186,600.00 in attorney’s fees.

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Garnishment Law Firms Lawyers Judgment 40

Better Credit Blog

APRIL 1, 2022

They recently acquired Alltran Financial Services in 2020. Other complaints claim TSI threatened wage garnishment or property seizure, both of which they could not do. Making arrest and legal threats such as wage garnishment or property seizure. Debt Validation. Calling you before 8:00 A.M and after 9:00 P.M.

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Collection Agencies Collections Agency Garnishment Fair Debt Collection 77

Troutman Sanders

MARCH 4, 2024

The OAG also found that the debt collection law firm illegally continued to pursue consumers for debts that were already paid or partially paid, and sometimes garnished wages for judgments that were completed. For more information, click here.

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Financial services Law Firms Acquisition Debt collector 52

Collection Industry News

JULY 20, 2020

Sherrod Brown, D-Ohio, has sponsored legislation that prevents debt collectors from engaging in a variety of practices, such as disconnecting utility services or garnishing wages, until 120 days after a major disaster or emergency such as the current coronavirus crisis. All of this has the industry deeply concerned.

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Garnishment Collections Debt collector Accounts Receivables Management 40

Troutman Sanders

NOVEMBER 8, 2022

House of Representatives, seeking to protect a greater portion of consumers’ disposable income from garnishment. 9224) would amend the Consumer Credit Protection Act to raise the amount of a consumer’s disposable income protected from garnishment to $1,000 or 75%, whichever is greater. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Jimerson Firm

JANUARY 16, 2023

The plaintiff alleged that the defendant repeatedly called her and her family members regarding collection of a consumer debt, and the defendant threatened her with both civil litigation and garnishment of her social security income and Medicare if the debt was not paid. About the Author: Austin T. Hamilton, Esq.

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Garnishment Foreclosure Banks Consumer Collections 52

Troutman Sanders

MAY 23, 2023

On May 18, the House Financial Services Committee Subcommittee on Digital Assets, Financial Technology, and Inclusion hosted a hearing, titled “‘Stable’ in ‘Stablecoins’: How Legislation Will Help Stablecoins Achieve Their Promise.” For more information, click here. The law will take effect October 1.

Financial services 52

Financial services Banks Debtor Education 52

Jimerson Firm

JANUARY 28, 2021

For example, the lender can get a judgment lien against the borrower’s personal property, garnish the borrower’s wages, and/or levy the borrower’s bank accounts. When the lender receives a deficiency judgment from the court, it can proceed to collect on that judgment against the borrower using conventional collection methods. Conclusion.

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Foreclosure Judgment Lender Banks 98

True Accord

NOVEMBER 20, 2023

This includes a decision about whether or not to file a lawsuit to recover the debt (which, if successful, results in garnishment of a consumer’s paycheck or a lien against a consumer’s property). In some instances where a consumer might not own property or be employed, a creditor may not file a lawsuit but simply accept the loss.

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Debt collector Creditors Lender Collection Agencies 69

Consumer Financial Services Law

OCTOBER 25, 2017

While the bank previously accepted late payments during a “grace period,” Mercantile did not accept any late payments from the Guys after January 2008, and Mercantile eventually seized the Guys’ real property, foreclosed on other collateral, garnished their wages, and obtained a deficiency judgment against them.

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Loans Collateral Garnishment Judgment 40

Consumer Financial Services Law

OCTOBER 16, 2017

The loans were placed with Van Ru for collection, and a representative of Van Ru contacted Berry and informed him that the Department of Education had the right to pursue an involuntary wage garnishment or a federal tax offset against him should his loans remain in default. 1692k(c)’s bona fide error defense.

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Debt collector Education Student loans Student Loans 40

Troutman Sanders

NOVEMBER 1, 2021

On October 20, the New York Department of Financial Services published a notice in the New York State Register , announcing that it issued a proposed regulation to implement S 5470-B , which requires disclosures for commercial financing transactions of $2.5 For more information, click here. For more information, click here.

Financial services 52

Financial services Garnishment Financial Institution Debt collector 52

Troutman Sanders

APRIL 18, 2022

On April 9, New York Governor Kathy Hochul signed legislation, requiring the New York Department of Financial Services (NYDFS) to charge a new “assessment” to all virtual currency businesses licensed in New York to “defray operating expenses.” For more information, click here.

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Financial services Student loans Student Loans Loans 52

Better Credit Blog

APRIL 1, 2022

Within your lifetime, you may have a period of financial distress. Especially in the current pandemic, COVID 19, medical bills, credit card bills, and other financial service bills may start to pile up. They may not threaten you with legal action, whether wage garnishment or harm to your credit without following through.

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Collections Fair Debt Collection Debt collector Creditors 52

Collection Industry News

MAY 24, 2021

Andrew Cuomo (D) signed legislation on Thursday that blocks debt collectors from garnishing residents’ coronavirus stimulus payments. Cuomo’s office noted that any resident who has had their direct payment taken by a debt collector after May 13 should file a complaint with the New York Department of Financial Services.

Debt collector 40

Debt collector Garnishment Judgment Financial services 40

Jimerson Firm

FEBRUARY 5, 2021

The SBA will refer all legally responsible obligors on both 7(a) loans and 504 loans to Treasury for further collection efforts under the Treasury Offset Program and/or the Cross-Servicing Program , unless further collection is barred by a valid legal defense, such as compromise, discharge in bankruptcy, or the statute of limitations.

Loans 89

Loans Lender Collateral Bankruptcy 89

Troutman Sanders

JANUARY 19, 2021

Currently set to expire on February 1, the collection actions subject to the moratorium include garnishment, attachment, and levy. The report identifies hurdles residents face to obtain assistance in Maryland courts, including with eviction and garnishment proceedings. For more information, click here. For more information, click here.

Financial services 52

Financial services Garnishment Foreclosure Government 52

Consumer Financial Services Law

OCTOBER 13, 2016

Particularly, the CFPB noted letter templates that: Stated legal action had “been recommended”; Stated that if the consumer failed to make a payment, the credit union would “have no alternative but to recommend [the account] for legal action”; and Threatened garnishment of wages which is generally a post judgment remedy.

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Credit Unions Credit Unions Banks Collections 40

Troutman Sanders

FEBRUARY 8, 2021

Department of Agriculture (USDA) announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs administered by the Farm Service Agency.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

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.” For more information, click here.

Financial services 52

Financial services Financial Institution Foreclosure Government 52

Consumer Financial Services Law

OCTOBER 12, 2016

The Eleventh Circuit recently joined the First and Eighth Circuits in concluding that the FDCPA’s venue provision does not apply to post-judgment garnishment proceedings. Post judgment, the law firm filed a garnishment proceeding against the consumer’s bank seeking to collect on the judgment. 1692i(a)(2). Ray, CITE. “[A]s

Garnishment 40

Garnishment Law Firms Judgment Debt collector 40

Troutman Sanders

JUNE 22, 2021

Executive Order 2020-25 suspended the “provisions of the Illinois Code of Civil Procedure that permit the service of a garnishment summons, wage deduction summons, and a citation to discover assets on a consumer debtor or consumer garnishee.” Pritzker issued an order to rescind Executive Order 2020-25 on June 25.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

AUGUST 3, 2020

The bill defines “extraordinary” collection actions as selling debt to a third party, reporting the debt to a credit bureau, denying medical care, placing a lien on a property, foreclosing on a property, seizing property or funds from a bank account, commencing a civil action, and garnishing an individual’s wages. As part of S.

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Financial services Garnishment Debt collector Collections 52