Article archive
Every published article, newest first. Page 9 of 12.
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 [...]
LicensingMaryland Bond Amounts Set to Increase January 1, 2019
Maryland Bond increase will impact new licenses and renewals effective January 1, 2019. The Commissioner of Financial Regulation in the Maryland Department of Labor, Licensing and Regulation announced this week that there are mandatory increases to the bond amounts for Maryland Consumer Loan, Installment Loan, and Credit Services Business Licenses. The change becomes effective January [...]
LicensingNavigating Corporate Changes for Debt Collection Licensing
Is your company going through changes that may require actions to maintain your collection licensing? Here are some of the most common corporate changes that could impact your collection licensing: Navigating Changes Cornerstone Support has established a reputation over 20+ years as the premier licensing service provider to the collection industry. We've frequently had requests to [...]
From the Desk of the RegulatorHurricane's Florence Impact on North Carolina and Collections Activity
North Carolina: Collections Activity Impacted in the Wake of Hurricane Florence On September 17, 2018 North Carolina Department of Insurance Commissioner, Mike Causey, has issued an amended order to NCGS58-2-46, providing for state of disaster automatic stay of proof of loss requirements, premium and debt deferrals. Premium finance companies, collection agencies and other persons [...]
LicensingGovernor Signs Amendment Regarding Student Loan Servicing Laws
Update: California Governor Makes Law Change favoring Debt Collectors On Friday September 14, California Governor, Jerry Brown, signed into law Assembly Bill 38. This amendment to the "California Student Loan Servicing Act" clarifies that debt collectors who collect on defaulted student loans are NOT student loan servicers. This clarification was important because on July 1, [...]
Licensing5 Compelling Reasons To Outsource Collections Licensing
What are the Benefits of Outsourcing Collections Licensing? Navigating the landmines of state license regulations requires an abundance of time and focused energy to stay current and compliant. Licensing requires that you keep your eye on shifting legislation and knowing the pitfalls of sometimes silly and costly mistakes that generate costly fines and "earnings" downtime.. [...]
LicensingLicensing 101
No two licensing projects are exactly alike. In order to develop the licensing strategy that couples the technical requirements imposed by the states with the intangible benefits of properly positioning you in a very competitive market, the following questions must be answered: Who do you expect to be serving? Identify what types of credit grantors you are [...]
LicensingHow Will a Supreme Court Shift Impact the Collection Industry?
As Kavanaugh Looks to Replace Kennedy on the Supreme Court, What Will be the Impact on the Collection Industry? By Caren D. Enloe (originally posted on Minnlawyer.com) When news broke that Justice Kennedy would be retiring after a thirty-year career as the swing vote on an increasingly partisan Supreme Court, attention immediately focused on who [...]
LicensingNew Colorado Website Requires Updated Communication to Consumers
Communication with Colorado Consumers must reflect the new website: www.coag.gov/car Greetings, It has recently come to our attention that some collection agencies may be using an outdated website address in communication with Colorado consumers in connection with debt collection. The website address (WWW.AGO.STATE.CO.US/CADC/CADCMAIN.CFM) listed in § 5-16-105(3)(c) of the Colorado Fair Debt Collection Practices Act [...]
LicensingConnecticut to License US Locations Only
Update regarding new law: Connecticut to take a NO ACTION POSITION for Qualified Collection Agencies Earlier in August we reported that Connecticut had signed into law an Act that, among other things, stated that the Connecticut Department of Banking would no longer issue consumer collection agency licenses to an office outside of the United States [...]
LicensingCalifornia updates Student Loan Servicing Laws
Update: California Governor Makes Law Change favoring Debt Collectors On Friday September 14, California Governor, Jerry Brown, signed into law. This amendment to the "California Student Loan Servicing Act" clarifies that debt collectors who collect on defaulted student loans are NOT student loan servicers. This clarification was important because on July 1, 2018 student loan [...]
LicensingDo You Have a Fully Developed Cybersecurity Approach?
People, Processes, and Computer Technology: Three Essential Parts of Your Security Program to Protect Non-Public Personal Information. Introduction: Information Security is a Program, Not a Product "If you think security is a technology problem, then you don't understand the problem, and you don't understand technology."- Bruce Schneier, Computer Security Professional. Every "financial institution" (including third-party [...]
LicensingThe Facts: Licensing Your Branch
Cornerstone Support receives frequent requests from agencies in need of assistance related to their state collection licenses. While requests come from agencies with an array of licensing concerns, one we often assist with is branch licensing compliance. Whether neglected or simply misunderstood, licensing branch locations continues to be an area in need of improvement. Although incorrect, [...]
Debt Collection & BuyingDebt Collection Bonding Requirements in New York City
A question we hear on a regular basis regarding collections in New York City is, "Is there a surety bond requirement that accompanies the license requirement?" The broad answer is "yes" - there is a debt collection bond requirement in NYC. But there is a huge caveat. The bond is only required for agencies that [...]
ComplianceWhat Does it Mean to be Compliant in Today's ARM Industry?
Back in 1964, the Supreme Court heard arguments in the case of Jacobellis v. Ohio. The case, which centered around the First Amendment, involved the manager of a theater in Cleveland Heights, Ohio, who wanted to show a film, "The Lovers." The state of Ohio had deemed the film to be obscene and Nico Jacobellis [...]
LicensingWhen is Safe Harbor Language Not a Safe Harbor?
Section 1692g requires debt collectors to disclose, among other things, the "amount of the debt" a consumer owes. See 15 U.S.C. § 1692g(a)(1). While seemingly simple, this requirement can become thorny when the amount of the debt is subject to fees, interest, and other charges which can increase the amount of the debt owed daily. [...]
LicensingDebt Collection Licensing Strategy
First The agency should identify the states where they are currently communicating with or anticipate communicating with debtors. The statutes are consistently clear among the respective jurisdictions that communicating with a debtor, whether by phone or mail, without being licensed is a violation of the law. The penalty for such violation varies significantly from state [...]
LicensingOutsourcing
The number of conversations I have with agencies regarding the basic tenets of outsourcing is interesting. While most conversations are specifically related to licensing, more often than not, I find myself talking through the more general advantages of outsourcing - those benefits inherent to the idea of outsourcing regardless of industry. While the next few [...]