The New York Department of Financial Services has revised a rule that will regulate third party debt collection. Here is one of the sections from the revised proposal - describes the disclosures that debt collectors must provide to consumers when the debt collector creates initial contact with the consumer and the additional disclosures that must be provided when the…Details
Everyone may have these questions on Bitcoin: What is Bitcoin? Why is it a crytocurrency? How much is it worth? Can anyone buy Bitcoins and trade with it? Can I use it to pay for goods and services? Read more to gain answers to these common questions. Source : The Sydney Morning Herald. Written by…Details
The ACCC and ASIC have updated the guidelines on what debt collectors can and cannot do when getting in touch with debtors. The Debt Collection guideline booklet offers information on debtor engagement rules for collectors. An example of the new guidelines outlines that collectors cannot contact a debtor more than three times a week or…Details
The Russian parliament has passed a bill requiring personal data of Russians should be stored in the country. This will effect Russians using Facebook, Google or any other international online service including apps. These services will need to have physical servers located inside Russian borders. These non-Russian companies would not be allowed to send data…Details
This interesting article by Wendy Frink explains the do’s and dont’s of social media posting. The infograph in the article has the secrets to making a social post go viral. Do not be discouraged if your post does not go viral immediately after it has been published. Re-share the post on a later date and you will…Details
An interesting slideshow titled ‘Cutting edge strategy for Business of new Millennium’ by the Institute of Credit And Collection Management of Nigeria. Introduction: Whether a company is public or private, an effective strategy creates value for shareholders and customers. Today’s world strategies should generate unique value, starling value, personalized value, turbo-speed value and employee driven…Details
Wonga, a startup payday lender has been forced to compensate thousands of customers for sending letters from fake law firms demanding they repay their debts.
The financial technology firm has agreed to pay £2.6m to 45000 customers as compensation for sending threatening letters from non-existent law firms.
Source: Financial Times
Now debt collection litigation lawyers cannot leave voice mail or a telephone message to a debtor.
They would be in violation of sections 1692e(3) and 1692e(10) of the Fair Debt Collections Practices Act (FDCPA).
Source: Inside ARM
Canada has enacted legislation to define the status of crypto-currencies, which is the first legislation worldwide. The amendments make Bitcoin and all digital currencies subject to laws applied to businesses dealing with money.
Souce: The Register
The Michigan Supreme Court recently expanded the definition of a collection agency to include forwarders and forwarding companies. Forwarding companies now require a collection agency licenses in the state.
In the case, forwarders were alleged to be operating as collection agencies without a proper license.
Source: inside ARM
The steady growth of digital currency transactions in Australia had the ATO worried of people avoiding paying tax.
The ATO will finally release a digital currency guidance by the end of the financial year.
Source: Yahoo Finance