The Texas Legislature has passed House Bill 996 which limits when a debt buyer can initiate legal action or arbitration to collect consumer debt and requires specific notices with respect to out-of-statute debt.  Upon approval by Texas Gov. Greg Abbott, the new provisions will become effective Sept. 1, 2019. Definition of a Debt Buyer “Debt buyer” is defined as “a person who purchases or otherwise acquires a consumer debt from a creditor or other subsequent owner of the consumer debt, regardless of whether the person collects the consumer debt, hires a third party to collect the consumer debt, or hires … Continue reading Texas Passes Debt Buyer Legislation Addressing Out-of-Statute Debt