Recent updates to New York State Debt Collection Rules and Regulation impose stricter requirements on debt collectors collecting consumer claims in New York State. The amendments include substantial notice requirements on New York debt collectors. The intention is to advise consumers of their rights with respect to 1) claims that may be past the applicable statute of limitations, 2) exempt property in the event judgment is awarded against the consumer, 3) confirmation and periodic accounting of payment arrangements and more.
Click to read the Part 1 of Title 23 of the Official Compilation of Codes, Rules, and Regulations of the State of New York, (NYCRR ) entitled “Debt Collection By Third-Party Debt Collectors and Debt Buyers” , signed on November 14, 2014 and published in the State Register on December 3, 2014.
