Among the topics being examined by the CFPB in connection with its expected debt collection rulemaking are the debt collection practices of debt buyers.
Those practices could become the subject of a uniform state debt buying code if the committee authorized to be appointed by the Uniform Law Commission to study the need for and feasibility of such legislation concludes that a uniform code will produce significant benefits to the public. Named the “Study Committee on the Transfer and Recording of Consumer Debt,” the new committee will also investigate the viability of a registration system to record transfers of consumer debt from originating creditors to debt buying entities.
For more on the study committee, see our legal alert.
On September 24, 2014, Ballard Spahr will conduct a webinar, “Recent Developments in Regulatory Guidance for Debt Sellers and Buyers.” The registration form is available here.