D.C. to Begin Implementation of Annual Report Requirement for Student Loan Servicers

Licensing

Maryland Rent Collection in 2026: 7 Licensing Risks Property Managers Must Avoid

Property managers in Maryland are running into a question that is getting more attention and creating real operational risk. Does collecting rent, especially when a tenant is past due, trigger Maryland's collection agency licensing requirements?

Licensing

Licensing Challenges for Mortgage Servicers

Mortgage servicers play a central role in the housing finance system. They collect borrower payments, manage escrow accounts, respond to customer inquiries, and step in with loss mitigation or foreclosure processes when borrowers fall behind. Servicers act as the day-to-day managers of loans after origination, ensuring that cash flows properly between borrowers and investors. Since [...]

Licensing

The Pros and Cons of Outsourcing Debt Collection for Startups and Small Businesses

Cash flow is the lifeblood of every startup. When customers delay or default on payments, even the most innovative ideas can stall. Founders often face a critical challenge: Should we collect overdue invoices ourselves, or hand them off to a third-party debt collection agency? Outsourcing debt collection - sometimes called debt recovery outsourcing - has become increasingly common for [...]

Debt Collection & Buying

Data Privacy Laws: Implications for Fintech and Debt Collection

As the digital landscape continues to evolve, data protection laws have become the foundation in fortifying consumer privacy and reshaping how businesses manage and protect personal information. The enactment and subsequent amendments of the California Consumer Privacy Act (CCPA) signify a pivotal shift towards more rigorous consumer protection in the digital age. This legislation, emblematic [...]

Licensing

Only Make Privacy Promises You Can Keep: Data Security and Cyber Readiness - Top Regulatory Priorities

Regulators at the federal and state levels are focused on non-banks' cyber-readiness. In August 2022, the Consumer Financial Protection Bureau (CFPB) released circular 2022-04, confirming that a company's failure to safeguard consumer information, even if unintentional, could count as an unfair act or practice. Here is what the rule signals and how firms can prepare.

Licensing

DCA Produces NYC's Foreign Languages Services Documentation Requirements

DCA Produces NYC's Foreign Languages Services Documentation Requirements On June 27, 2020 new rules from New York City's Department of Consumer Affairs (DCA) took effect that, among other things, require debt collectors (first and third party) to request and record the language preference of each consumer from whom they collect and inform each consumer [...]