N.Y.'s Lawsky Joins Debt-Collection Crackdown

July 26, 2013
American Banker  
debt settlement news

Benjamin Lawsky, Superintendent of Financial Services for New York state, announced proposed new rules designed to tighten control of the debt collection industry. Current New York law dictates that residents who dispute a debt must put their objections in writing and request verification within 30 days of being contacted by a collector. The rules now being proposed would let New Yorkers dispute debts by phone and would require debt collectors to provide documentation that the debt is valid and that the collector has the right to collect on it. "Debt collectors frequently use abusive scare tactics to try to stack the deck against struggling families and squeeze outsized profits out of their financial misery," Lawsky said in a statement. "These reforms will help level the playing field for consumers."
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