Newly introduced legislation in Texas, House Bill 996, addresses when a debt buyer can initiate legal action or arbitration to collect a consumer debt and requires specific notices with respect to out-of-statute debt. “Debt buyer” is defined as “a person who purchases or otherwise acquires a…
Posts published by “Eric Rosenkoetter”
Eric Rosenkoetter is based in Maurice Wutscher’s Austin office. For many years, he has focused his practice on various aspects of financial services law. As a litigation attorney, he has conducted every aspect of the litigation process, including countless depositions, motion proceedings, bench and jury trials, and appeals in various courts. In addition, he has significant experience as a compliance and transactional attorney, providing strategic, business growth, legislative, compliance and regulatory advice to national corporations and trade associations. For example, he has drafted consumer contracts and disclosures designed to state-specific statutory requirements, and developed “Best Practices” guides and state-by-state compliance grids, for national financial services companies. He also conducted research and crafted a metrics report for a national trade association with analysis designed to counter the claims of advocacy groups. Eric’s experience also includes working for a national corporation as Executive Counsel, Chief Compliance and Ethics Officer, and Director of Legislative Affairs, and as a federal lobbyist and Director of Government and Public Affairs for a national financial services trade association. In the government sector, Eric presided over approximately 6,000 state administrative hearings, served as a staff attorney for the Missouri Senate, and handled litigation in 33 counties as a regional managing attorney. Eric frequently speaks to audiences on topics relevant to the financial services industry and related advocacy initiatives.
The Rhode Island Department of Business Regulation has adopted a record retention rule for debt collectors requiring that virtually all records be retained for a minimum of five years “following the transaction.” Records that must be retained include the following: all audio recordings of contact…
Legislation has been introduced in Illinois and New York that would require debt collectors to provide consumers with specific notices. In New York, Assembly Bill 876 would require the initial written communication to a debtor to include the following: “Debtor’s Rights As a debtor who…
Colorado House Bill 19-1089, introduced on Jan. 14, would amend the Colorado Revised Statutes dealing with property and earnings exemptions by adding a new definition for “medical debt,” which would mean “any obligation or alleged obligation of a person to pay money arising out of the…
On Dec. 28, 2018, New York Senate Bill 3491 was signed into law and will become effective March 29, 2019. The legislation, in its final form, simply prohibits “principal creditors” and debt collection agencies from: (a) making any representation that a person is required to…
A debt collector sent a letter to a consumer stating: “We can’t change the past, but we can help with your future.” The letter contained three payment options that were described as “discounts,” though one was merely a payment plan for the full balance. The…
On Aug. 22, the California legislature passed Assembly Bill 1526, relating to the collection of debt that is beyond the statute of limitations for bringing legal action. Since 2014, debt buyers collecting from California residents have been required by Cal Civ Code § 1788.52(d)(2) to…
On Aug. 14, Gov. Bruce Rauner signed into law the Illinois Career Preservation and Student Loan Repayment Act. The act moved through the legislature as Senate Bill 2439 and passed unanimously in the Senate and by a vote of 104-3 in the House. The act…
In a recent decision, the Ohio Court of Appeals considered the question whether, for the purpose of determining the applicable statute of limitations, an unsigned credit card agreement constituted a written or oral contract. In Ohio, the statute of limitations is eight years for a…
In a case of first impression, the Arizona Supreme Court recently addressed the question of when the statute of limitations commences on credit card debt that is subject to an optional acceleration clause. A copy of the opinion in Mertola, LLC v. Santos is available at: Link to…
On July 27, Gov. Bruce Rauner approved an amendment to Illinois’ Student Loan Servicing Rights Act. The legislation, HB 4397, passed unanimously in both chambers and becomes effective Dec. 31, 2018. The legislation amends the definition of “student loan servicer” in the Student Loan Servicing…
On June 28, the U.S. Supreme Court granted a Petition for a Writ of Certiorari in Obduskey v. McCarthy & Holthus LLP that presents the question “whether the FDCPA applies to non-judicial foreclosure proceedings.” The borrower in the underlying case defaulted on his home loan…