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New Legislation Debt Collection Financial Services Industry

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – July 2025 # 5

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Mayer Brown

Licensing Link June 2025 Special Edition

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Licensing Link is a periodic publication that will keep you informed on hot topics and new developments in state licensing laws, and provide practice tips and primers on important issues related to state licensing across the...more

Katten Muchin Rosenman LLP

State AGs and Legislatures Aren’t Taking a Summer Break From Consumer Protection and Financial Services Regulation

As the federal government scales back certain consumer protection and enforcement initiatives, state attorneys general and legislatures are rapidly filling the void — introducing new legislation, launching enforcement actions...more

Orrick, Herrington & Sutcliffe LLP

Oregon prohibits reporting medical debt to consumer reporting agencies

On June 23, the Oregon Legislature chaptered SB 605, enacting new restrictions on the reporting of medical debt to consumer reporting agencies. The law prohibits any person from reporting to a consumer reporting agency the...more

Troutman Pepper Locke

Illinois Passes Bill Prohibiting Collection of Coerced Debt

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On May 22, Illinois House Bill 3352 passed the Illinois legislature and now awaits Governor JB Pritzker’s signature. This bill amends the Illinois Collection Agency Act to provide an individual a way to avoid liability for a...more

Ballard Spahr LLP

DeSantis signs bill allowing debt collection emails between 9 p.m. and 8 a.m.

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Florida Gov. Ron DeSantis recently signed legislation making it clear that debt collection emails sent between 9 p.m. and 8 a.m. do not violate Florida law....more

Katten Muchin Rosenman LLP

Financial Services and Technology: Florida Changes Law to Make Clear that Collection-Related Emails Are Not Included in the...

On May 16, Governor Ron DeSantis signed bill CS/CS/SB 232 into law. The bill includes modifications to the Florida Consumer Collection Practices Act (FCCPA) to make clear that the prohibition on communications between “9...more

Sheppard Mullin Richter & Hampton LLP

Utah and Arkansas Enact Earned Wage Access Regulations

Utah and Arkansas have enacted new legislation governing earned wage access (EWA) services, establishing state-level registration obligations and consumer protection standards. Both laws clarify that EWA services are not...more

Goodwin

Utah Becomes Seventh State to Enact Law Regulating Earned Wage Access Services

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Utah has become the seventh state (and the second in 2025) to enact a law that establishes a financial services oversight regime for earned wage access services, also known as on-demand pay services, which allow workers to...more

Troutman Pepper Locke

Arkansas Passes Earned Wage Access Services Act

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On March 20, the Arkansas governor signed into law Arkansas Act 347, known as the Earned Wage Access Services Act. Sponsored by Representative David Ray (R) and Senator Ben Gilmore (R), this legislation aims to regulate...more

Orrick, Herrington & Sutcliffe LLP

New York State enacts private student loan reporting requirements

On February 14, the Governor of New York signed into law AB 431 (the “Act”), amending Article 9, Sections 901, 902 and 904 of the financial services law relating to private education debt reporting. The Act requires student...more

Hudson Cook, LLP

Featuring BizFinLaw - November 2024

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In Texas Bankers Association v. Consumer Financial Protection Bureau, the U.S. District Court for the Southern District of Texas denied a summary judgment motion by the Texas Bankers Association and other plaintiffs to set...more

Katten Muchin Rosenman LLP

California Enacts New Requirements Related to Collection of Commercial Debt in Amounts Less Than $500,000

On September 24, Governor Gavin Newsom signed into law California Senate Bill 1286 that will impact the collection of "covered commercial debt" and "covered commercial credit" in the state after July 1, 2025 (the law's...more

Troutman Pepper Locke

California Enacts New Debt Collection Legislation

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On September 24, California Governor Gavin Newsom signed into law a package of consumer protection laws, with three bills aimed directly at collection practices. These new laws introduce significant changes in the areas of...more

Bradley Arant Boult Cummings LLP

New York Adds ADA-Type Requirement and Teeth to Debt Collection Procedure Act

On October 8, the governor of New York signed Bill No. AO-2260A to assist borrowers who need accommodation for visual impairments. Bill No. AO-2260A is “an act to amend the general business law, in relation to requiring debt...more

Miles & Stockbridge P.C.

Time to Submit Comments for the Regulation to the New California Debt Collection Licensing Act

Last month, the California Department of Financial Protection and Innovation (the "DFPI") published a notice inviting comments for its second rulemaking regarding the rules that will be promulgated under the new California...more

Clark Hill PLC

Collection Agency Licensing is Coming to California

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On Sept. 25, California’s Governor Newsom signed into law Senate Bill 908 enacting California’s Debt Collection Licensing Act or DCLA. Enforcement of the law begins Jan. 1, 2022, and regulations interpreting the law are...more

Cozen O'Connor

California Brings Licensing and Oversight to Consumer Debt Collectors

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On September 25, 2020, California Gov. Gavin Newsom signed S.B. 908, enacting the Debt Collection Licensing Act (DCLA). The DCLA will take effect on January 1, 2022, but proposed regulations will begin to roll out soon. ...more

Ballard Spahr LLP

DFPI to have increased authority to seek refunds and other remedies in enforcement of California Financing Law as of January 1,...

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We have recently focused on the DFPI’s expanded authorities under California Consumer Protection Law, the Debt Collection Licensing Act, and the Student Borrower Bill of Rights. In addition to these blockbuster bills, this...more

Goodwin

Federal Reserve Proposes Rules To Modernize Regulations That Implement CRA

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In the News. The Board of Governors of the Federal Reserve System (Federal Reserve) proposed rules to modernize the regulations that implement the Community Reinvestment Act (CRA); the Conference of State Bank Supervisors...more

Goodwin

COVID-19 and Consumer Financial Services: Navigating New U.S. and State Orders, Rules, Laws, Guidance, and Pleas

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Over the past several weeks, the coronavirus (COVID-19) pandemic has sparked a litany of new orders, rules, laws, guidance, and plain asks from federal and state leaders, agencies, and courts. The President and federal and...more

Ballard Spahr LLP

CA enacts law prohibiting postsecondary schools from withholding transcripts as debt collection tool

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On October 4, California Governor Gavin Newsom signed into law Assembly Bill 1313, which prohibits postsecondary schools from withholding transcripts as a debt collection tool.  The law is effective January 1, 2020. ...more

Ballard Spahr LLP

New requirements for collection of medical debt in Washington effective July 28

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Effective July 28, debt collectors licensed in Washington will be subject to new requirements when collecting medical debt. Substitute House Bill 1531, signed into law by Washington Governor Jay Inslee on April 30, amended...more

Ballard Spahr LLP

Texas amends debt collection law to add new requirements for debt buyers

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On June 14, 2019, Texas Governor Greg Abbott signed HB 996, which amends Chapter 392 of the Texas Finance Code dealing with debt collection.  The amendments are effective September 1, 2019. ...more

Lowndes

Collecting Smaller Debts Just Got Easier for Creditors Thanks to New Legislation

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Collecting smaller debts may be getting easier. On May 24, 2019, Governor DeSantis signed HB 337 which increased the jurisdictional limits of the county courts. Presently, county courts handle lawsuits for up to $15,000 while...more

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