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| Information About Debt Collection In the U.S. For Accounts Receivable Professionals |
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Debts which do not involve consumers, such as debts between merchants, may be exempt from certain consumer protection rules. Always discuss such issues with your legal advisor or legal department. Commercial |
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Debt collection involving consumers may be subject to the Fair Debt Collection Practices Act, as well as other Federal and state consumer protection laws. Some of the issues are discussed in this section. Consumer |
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Debts are further generally classified as "secured," such as a typical auto loan which uses the vehicle as collateral, and "unsecured," such as a typical credit card transaction. Some issues involving secured transactions are discussed in this section. Secured |
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Laws in each state usually apply to the determination of major issues in debt collection, such as contract questions, or the length of time during which a debt may be pursued. State laws also may impose duties which are more restrictive than the Federal Fair Debt Collection Practices Act. Special rules exist in many states for recovery of insufficient funds checks. LAWDOG® includes these and many other state laws. States |
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This section provides a summary of areas covered by the Federal Fair Debt Collection Practices Act, a copy of the Act, and more extensive LAWDOG® coverage. Remember that state laws may also apply, and may extend coverage to additional parties. Fair Debt Collection Practices Act |
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Much of the debt collection in the United States performed by collection agencies. This section includes information about rules which may apply to collection agencies, and trade organizations for agencies. Collection Agencies |
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The rules covering repossession and deficiencies vary by state. These variances are discussed generally in this section. Additional illustrations are listed are under "states". Automobile Finance |
| Federal Fair Credit Reporting Act |
| Other Federal laws
may apply to a particular transaction, and this summary will certainly not cover all of
them. However, some common illustrations must include the Federal Fair Credit Reporting
Act, which is briefly discussed in LAWDOG Credit Reporting. The Fair Credit Reporting Act is sometimes involved in consumer collection activities in two respects. "Collection of an account" may be a permissible purpose for obtaining a consumer report. In addition, the alleged delinquency of an account, or some aspect of the collection activities may be an item that is reported on the consumer's report. For these reasons, accounts receivable professionals involved with consumer accounts should be familiar with the Fair Credit Reporting Act, as well as state laws which may apply. |
| Other Federal Laws |
Other Federal laws may cover consumer credit cost disclosures, open-end consumer credit plans, credit cards, credit advertising, credit billing, consumer leases, garnishment, electronic funds transfers, and many other things. To view some of these consumer protection measures, see "Consumer Credit Law Materials" at Cornell Law School's Legal Information Institute by clicking here. |
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