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ARTICLE · 03 JULY 2015

New York DFS Clarifies Debt Collection Requirements

Troutman Pepper Locke LLP
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On June 16, 2015, the New York State Department of Financial Services ("DFS") released additional guidance related to its recently enacted debt collection regulations.

United StatesFinance and Banking
Massie Cooper
Massie Cooper
David Anthony
David Anthony
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On June 16, 2015, the New York State Department of Financial Services ("DFS") released additional guidance related to its recently enacted debt collection regulations. The new clarifications supplement DFS' initial set of "Frequently Asked Questions" released in February, with new guidance beginning at Question #17. DFS announced publication of the supplemental guidance during a "Debt Collection Dialogue" hosted by the Federal Trade Commission on June 15 in Buffalo, N.Y. The debt collection regulations were adopted in December 2014, with most of the new requirements becoming effective on March 3, 2015. Requirements related to itemization and debt substantiation will become effective on Aug. 30, 2015.

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