Trends in State Debt Collection RequirementsRead Time: 1 min
SLSA/SLSA Private Loan Committee Meeting
When Massachusetts issued its new debt collection regulations last year, it grabbed everyone’s attention. However, there are several states that regulate first party creditors (i.e., lenders and servicers) under their debt collection statutes. We will examine some of the trends in State debt collection laws and regulations, including the regulation of first-party creditors. And, if you are subject to state regulation, you may be required to get a license, so we will also discuss licensing requirements for debt collectors.