Article archive
Every published article, newest first. Page 9 of 13.
LicensingPost Judgment Interest: How Much Can Collectors Charge?
Disclaimer: The following is not intended to be, nor should it be used as legal advice. Please consult your compliance team before charging post judgment interest. Collecting monetary judgments can be a costly and time-consuming process but in certain situations, the reward for successful recovery may be lucrative. Because the statute of limitations on judgments [...]
LicensingNevada Lifts Citizenship Requirement for Collection Agencies
In Nevada, there is now no requirement to be a citizen of the United States or to be lawfully entitled to remain and work in the United States for collection agency applicants. The requirement was removed on June 14, 2019 when Nevada Governor, Steve Sisolak, signed into law bill AB275. This change which went into [...]
LicensingRhode Island Requires Student Loan Servicers to Register
Rhode Island's "Student Loan Bill of Rights," requires that student loan servicers register with the state. The Bill of Rights calls upon the attorney general and state Department of Business Regulation to examine business practices and enact penalties for violations of the borrower's rights. The law became effective when it was signed by Governor Gina [...]
LicensingStudent Loan Servicer Licensing Laws (What You Should Know)
State-Level Student Loan Servicers Licensing Requirements are on the Rise Over the last 18 months, state-level licensing requirements for student loan servicers have become increasingly in vogue, particularly in blue states with progressive legislatures, governors, and attorneys general. This attempt to intercede in a field already dominated by the federal government (the largest lender, guarantor, [...]
LicensingEmpathy: The Quality Every Debt Collector Needs?
The buzzword is everywhere you look - so what it is the big deal about empathy in customer service, and why does it matter in debt collection? Influencer mogul Gary Vee talks a lot about empathy. He even named one of his companies after it (Empathy Wines.) "It's one of the biggest things to which [...]
LicensingStudent Loan Servicer Regulations for Maine, New Jersey and Maryland
Maine and New Jersey Join States Requiring Student Loan Servicer Licenses; Maryland Adds Designee Requirement On June 20, 2019 Maine Governor Janet Mills signed into law LD995. The law introduces a license among other requirements as part of "the Student Loan Bill of Rights." The law grants a directive for the Superintendent of Credit Protection [...]
LicensingColorado Student Loan Servicers Act Takes Effect
S.B. 19-002 (the Colorado Student Loan Servicers Act) was signed into law on May 13, 2019 and took effect on August 2, 2019. Among other things the law generally requires servicers of student loans owed by Colorado residents to be licensed by Colorado's Uniform Consumer Credit Code (UCCC) Administrator. Colorado now joins California, Connecticut, District of [...]
InsuranceCyber Liability Insurance- What Does it Cover?
Understanding Cyber Liability Insurance Coverage By now, you've heard the reports and fallout from the recent breach of millions of consumer records from a medical billing agency. Suddenly, those seemingly distant stories of hackers and cyber-crime have hit much closer to home in the ARM industry. Whether the incident is a record breach or a [...]
LicensingA License Game Board
The licensing process for collection agencies is an intricate and complex process - so much so, you can create an entire board game about it! Luckily for you, Cornerstone support is here to help you win the game. Our collection licensing services are comprehensive, as we facilitate the entire licensing process from designing a licensing [...]
LicensingPA Court Case Emphasizes the Necessity of Licensing for Debt Buyers
Ruling Upholds the Necessity of Licensing Prior to Collection on Purchased Debt An interesting case has developed in Pennsylvania between a debt buyer and a borrower owing a deficiency balance on a repossessed automobile. The case, Wyche v. Tsarouhis, is one where the borrower doesn't challenge owing the debt or the accuracy of the debt. [...]
LicensingHow Would Sanders and Ocasio-Cortez's Legislation Impact the ARM Industry?
How Would Capping Credit Card Interest Rates Affect the ARM Industry? On May 9, 2019, Senator Bernie Sanders (I-VT) and freshman Representative Alexandria Ocasio-Cortez (D-NY) introduced legislation that would levy restrictions on the interest rate credit card grantors could charge consumers. Specifically, the bill would establish a blanket limit on credit card interest rates at [...]
LicensingTop 10 Reasons Licenses Get Rejected
Top 10 Reasons Debt Collection Licenses Get Rejected If you think a "do-it-yourself" process of licensing a collection agency is a walk in the park, then I have some terrible news for you. The application process can be extremely daunting, requiring the coordinated participation of every owner, officer, and manager of the agency. The process [...]
LicensingFailure to Renew a Background Check for Every Collector Will Risk Loss of Minnesota License
Cornerstone Support launches 'Collector Check' in anticipation of Minnesota's Collector Background Screening Requirements When renewing a collection license in Minnesota an agency must legally attest to completing the Minnesota collector background screening requirements under penalty of law. Cornerstone Support offers a Criminal Background Screening Service which will allow you to rest assured that you have [...]
LicensingD.C. to Begin Implementation of Annual Report Requirement for Student Loan Servicers
On April 29, 2019 the Department of Insurance, Securities and Banking (DISB) of the Government of the District of Columbia issued Bulletin 19-BB-02-04/29 which applies to licensed student loan servicers servicing student education loans in D.C. After a series of revisions to the original Student Loan Ombudsman Establishment and Servicing Regulation Amendment Act of 2016, [...]
LicensingSpring is Here and a Proposed Debt Collection Rule is Imminent
More than five years after it issued its Advanced Notice of Proposed Rulemaking, the Consumer Financial Protection Bureau (CFPB) appears poised to issue its proposed debt collection rules. The first hint that this was imminent came in the fall of 2018 when the CFPB announced it anticipated issuing a Notice of Public Rule Making in [...]
LicensingNew York Passes Litigation Impacting Student Loan Servicers
Update: New York Releases the Student Loan Servicer License Application On August 1, 2019 New York State's Department of Financial Services announced, "Student loan servicers must submit their licensing applications through the Nationwide Multistate Licensing System (NMLS), a secure, web-based, nationwide licensing system." The Banking Law Article 14-A becomes effective October 9, 2019. Contact Cornerstone [...]
LicensingCollection Automation Technology to Improve Efficiency While Prioritizing Compliance
How to Modernize and Automate Your Collections Practice With Advanced Fintech Running a successful collections or receivables business by only sending letters and making manual phone calls is becoming increasingly difficult. While many businesses have automated some collections practices by implementing auto-dialers and mail solutions, fast improvements in technology require adopting new tech to remain [...]
LicensingNew Bond Amounts for North Dakota
North Dakota SB 2093 has been signed into law. This increases the bond requirement for collection agencies and money brokers to $50,000. Cornerstone has been in contact with the regulators within the North Dakota Department of Banking & Financial Institutions and they are currently deciding how they are going to implement this change. Please note [...]
LicensingGrow ARM Revenue Through Data Security Compliance
Gain a Competitive Edge with Data Security Compliance The complexities of operating an Account Receivable Management (ARM) organization can be quite daunting, especially considering today's technology-centric world. Data security and compliance against various industry standards/regulations has become a fundamental business requirement of operating an ARM. Fortunately, along with this new technology challenge of compliance, [...]
LicensingOvercoming the Overreach of Call-Blocking on Legitimate Business Calls
The Daily Impact of Call Blocking and Labeling By Molly Weis As a collections organization using the voice channel to connect with your consumers, establishing a trusted connection is your bottom line. Yet, due to the increased measures put in place to protect consumers from illegal robocall scams, your numbers now come up listed as [...]
LicensingMaking Wise Collection Actions Around Disasters
2018 had more than it's share of disasters. North Carolina, South Carolina, Florida, and Georgia were all hit hard with notable flooding and wind damage as two hurricanes, Florence and Michael, slammed the Southeast. In the west, forest fires spanned the states of Montana, Nevada, Utah, Washington, Oregon and especially California which had its deadliest [...]
Debt Collection & BuyingDebt Collection Laws
*As of this writing - these are accurate. Cornerstone Support is not responsible for decisions based on this web content - please consult legal counsel before implementing based on information in this guide* Debt Collection Laws If you're in debt collection, then you are well aware of the importance of following the debt collection laws [...]
LicensingLaunching Your Collections Career
Best Practices from a Seasoned Debt Collector Bill Plunk has been in business as CimCo (which is short for "the check is in the mail company") for over 20 years as a commercial collector. Prior to CimCo, Plunk worked for three years with a bank and two years with a Credit Union. He has [...]
LicensingNear Shore Call Center: 5 Reasons To Use As A Collection Strategy
Top 5 Reasons to Use a Near Shore Call Center as Part of Your Collection Strategy In the quest to be a competitive collection agency or debt buyer there are many aspects to consider. A consideration that may not be immediately obvious, but that could have great benefit to an agency is opening a call [...]