Managing against unforeseen risks can be a difficult task. But sometimes you can get a hint of potential trouble ahead. In the past few months there have been at least four cases that could cause substantial disruption to debt buyers, creditors and their service providers alike. Here they are:
- A court allows a claim against a debt buyer to go forward alleging that it failed to notify a banking department when purchasing a certain class of debt
- Two lawsuits allege general purpose credit card accounts are subject to a state consumer protection code provision that requires pre-litigation notice to the consumer (and, no, it is not in Wisconsin)
- A state supreme court takes a hard look at a collection lawsuit and raises some hard questions about what is needed to assert an “account stated” claim
- What was thought to be substantial compliance with a state’s recently enacted law concerning data and documents needed for collection lawsuits is being called into doubt by a flurry of lawsuits in this state’s courts
Not only do these cases create risk for how particular debts are collected, but they could prohibit any effort to collect certain accounts. These are some tough issues and ACA International invited me to discuss what you can be doing now to meet the challenges they pose.
I will be joined on the presentation by Leah Dempsey, VP and Senior Counsel of Federal Advocacy for ACA International, who will share her insights on federal developments impacting asset purchasers.
The presentation is “Asset Buyers-Stop the 2020 Dumpster Fire from Spreading in 5-4-3-2-1!” on Jan. 11 at 3 pm ET. There is no cost to attend. Register here.