A uniform code for the debt buying industry?

Ballard Spahr LLP
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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.

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.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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