Today is not only St. Valentine’s Day, but it is also the last day to submit comments to the New York Department of Financial Services to let them know what you think of their proposed amendments to the state’s debt collection regulations.
It has been 60 days since the DFS released its proposed amendments, which adopts a lot of what was included in Regulation F from the Consumer Financial Protection Bureau, while also including a few unique wrinkles of its own — such as a more restrictive cap on the number of call attempts that can be made during a seven-day period. Collectors must first also obtain consent from consumers before being able to communicate via text messaging, and email — a step that is not required under Regulation F.
If you have something you would like to say about the proposed amendments, submit them today to Meredith Weill.
Among the other changes proposed by the DFS are:
- Prohibiting collectors from using the charge-off date as one of the itemization dates when sending validation information to consumers
- Limiting collectors to one conversation and three call attempts per seven-day period per alleged debt
- Providing specific disclosures if the statute of limitations has expired
- All disputes should be treated as requests for substantiation of a debt
After reviewing the comments that have been submitted, the DFS will likely issue a final rule, which may or may not look like what was originally proposed. Once the final rule is issued, the DFS will determine the date on which it will go into effect, giving companies in the accounts receivable management industry time to prepare as necessary.
