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Oregon Gov. Signs Garnishment, Collection Bill into Law

Account Recovery

The governor of Oregon has signed a bill into law that raises the amount of money that can be protected by consumers from garnishments and keeps them from a “financial death spiral because of debt collection,” according to the sponsor of the bill.

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Employers Need Education on Student Loan Garnishments

Account Recovery

While still a few months off on the horizon, the date on which individuals with unpaid student loans may start seeing their paychecks and bank accounts garnished is approaching.

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NCLC Report Grades States on Garnishment, Judgment Protections

Account Recovery

A report issued last week by the National Consumer Law Center grades each state on its exemption laws, which determine how much consumers can protect from judgments and garnishments, determining that none of the 50 states or other territories meet what the organization defines as the five basic standards.

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Industry Vows to Appeal Ruling Denying Challenge to Arizona Garnishment Law

Account Recovery

… The post Industry Vows to Appeal Ruling Denying Challenge to Arizona Garnishment Law first appeared on AccountsRecovery.net. The post Industry Vows to Appeal Ruling Denying Challenge to Arizona Garnishment Law appeared first on AccountsRecovery.net.

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Judge Grants TRO Blocking Enactment of New Garnishment Law in Arizona

Account Recovery

A state court judge in Arizona has granted a temporary restraining order halting the enactment of a measure approved by voters last month that increases the amount that is shielded from garnishments to pay medical debts while also lowering judgment interest rates that can be charged.

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CFPB Fines BofA $10M for Improper Garnishments

Account Recovery

The Consumer Financial Protection Bureau yesterday announced an enforcement action against Bank of America, in which the nation’s second-largest financial institution will pay a fine of $10 million after it was accused of unlawfully garnishing $592,000 from its customers’ bank accounts.

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Maine Enacts Law Raising Garnishment Protections

Account Recovery

By virtue of not vetoing it, a new law has been enacted in Maine that expands the protections consumers will have with respect to garnishments, including for the first time, funds that consumers have in their bank accounts.