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New York Department Of Financial Services Debt Collection Rules.pdf

AFSA-comment-letter-NYDFS-debt-collection-regs-.pdf
Preview of New York Department of Financial Services Debt Collection Rules
🔗 Source: afsaonline.org
📊 Size: 232 KB
📄 Pages: 5 pages
⬇️ Downloads: 172

Summary

The American Financial Services Association (AFSA) is providing comments on the New York Department of Financial Services' (DFS) proposed amendments to rules governing debt collection (23 NYCRR 1). AFSA appreciates DFS' efforts to clarify requirements for debt collectors but believes many proposed amendments create unnecessary ambiguity and duplicative requirements. Key concerns include:

The definition of "debt" should be clarified by removing terms "absolute or contingent" for consistency with the federal Fair Debt Collection Practices Act (FDCPA).
 The definition of "debt collector" should be revised to exclude creditors acquiring non-charged off accounts.
The proposed debt validation notice requirements are largely duplicative of existing requirements under Regulation F and may cause confusion for consumers.
 The notice requirements should be amended to align with Regulation F or removed due to their duplicative nature.
The prohibition on using the charge-off date as a reference date for the debt's itemization date is unnecessary and contradicts federal guidelines.
 The requirement to include the applicable statute of limitations in the validation notice is not necessary and may cause confusion for consumers.

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Description

The American Financial Services Association (AFSA) is providing comments on the New York Department of Financial Services' (DFS) proposed amendments to rules...

Technical Information

  • File Format: PDF
  • File Size: 232 KB
  • Pages: 5
  • Language: EN
  • Total Downloads: 172
  • Last Updated: 2 weeks ago

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