New York Announces Sweeping New Regulation of the Debt Collection Industry
Richmond partners David Anthony and Alan Wingfield, Virginia Beach partner John Lynch, Richmond associates Massie Cooper and Tim St. George, and Virginia Beach associate Ethan Ostroff had their advisory – “ New York Announces Sweeping New Regulation of the Debt Collection Industry” – republished March 16 in TerraLex’s newsletter, TerraLex Connections.
“New York State has issued rules that regulate the conduct of debt collectors that go beyond the current requirements of federal and state law,” the group stated in a summary of the advisory. “These rules, which have been the subject of public comment for almost two years go into effect in 2015, will regulate all debt collection activity within New York State. Non-compliance with these new rules could lead to civil lawsuits and costly governmental investigations.”