Published On: July 12th, 2013 | Author: Perry Law, P.C. | Category: Arizona Bankruptcy Business Startup, Finance and Governance Creditors' Rights Florida Idaho Washington
The Fair Debt Collection Practices Act (“FDCPA”) fines debt collectors for using false or misleading representations, including harassment or abuse among other things, in the collection of consumer debts, not business loans. However, the FDCPA specifically defines debt collector to mean “any person who . . . regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another.” 15 U.S.C. § 1692a (emphasis supplied). The emphasis of that statement is that the FDCPA applies to third party debt collectors collecting on behalf of another. Will that change? Read this article where the director of the Consumer Financial Protection Bureau (“CFPB”) said that “It doesn’t matter who is collecting the debt– unfair, deceptive or abusive practices are illegal.” See link below for the article. If the director of the CFPB is making statements like that you can bet banks and similar creditors better be ready for a potential expansion of the FDCPA to apply directly to the creditor and not just third party debt collectors.
Link to the Fair Debt Collection Practices Act: http://www.in-foquest.com/pdf/fdcpact.pdf
Shane K. Warner, Esq.
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