By Brooklyn Reader

December 3, 2014, 7:11 am

 

MONOPOLY_c1937_CChest_GoToJailGov. Cuomo’s administration will announce new rules today for reigning in over-aggressive debt collectors, the Daily News reports.

The new regulations will provide much-needed governance of an industry that has gone largely unregulated despite thousands of consumer complaints each year, said Superintendent of Financial Services Benjamin Lawsky on Tuesday.

“The debt collection industry is filled with far too many unscrupulous actors willing to deceive and abuse consumers just to make a quick buck,” said Lawsky.

monopoly-get-out-of-jailThe new rules will require debt collectors produce a court judgment or actual loan document. They will also have to show an accounting of all interest and fees included in the debt, and inform customers when the statute of limitations has expired.


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One Response

  1. Thomas McFreeman

    If you want to stop debt collection calls as well as get a sample letter you can send to debt collectors, read my article “Put A Stop To Annoying Debt Collection Calls”
    Author “The Art of Debt Guerrilla Warfare, how to beat debt collectors when your back is against the wall.”

    Reply

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