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ARTICLE · 26 JANUARY 2015

New York Adopts More Stringent Debt Collection

Blank Rome LLP
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In advance of the 2015 effective dates, debt collectors that operate in New York should review their current policies and take necessary steps to comply with new state regulations that provide consumer protections beyond the Fair Debt Collection Practices Act.

United StatesFinance and Banking
Wayne Streibich
Wayne Streibich
Francis Crowley
Francis Crowley
Kevin Rakowski
Kevin Rakowski
Edward Chang
Edward Chang

Action Item: In advance of the 2015 effective dates, debt collectors that operate in New York should review their current policies and take necessary steps to comply with new state regulations that provide consumer protections beyond the Fair Debt Collection Practices Act.

The New York State Department of Financial Services recently issued new regulations requiring debt collectors to provide additional disclosures to consumers. The new regulations (see 23 NYCRR § 1) are intended to provide protections beyond what is currently required by the Fair Debt Collection Practices Act ("FDCPA"). These new debt collection regulations will become effective in March 2015, except that provisions regarding required disclosures for charged-off debt1 and substantiation of a charged-off debt2 will become effective in August 2015.3

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