From the Desk of the Regulator

Idaho - Major improvements to Collection Agent Filing Process

The Idaho Department of Finance and Access Idaho have made MAJOR improvements in the way Idaho Collection Agency Licensees will report their agents that will significantly reduce their efforts in meeting this requirement. Beginning with the September 2016 filing, all agents and RPICs will be listed under the licensed home/main office.

This includes new and terminated agents for quarterly filings, and will include ALL agents for the annual filing in March. Previously, agents were reported by work location which resulted in multiple reports that had to be filed.

The reporting steps for filing reports have not changed - the only change is that now licensees will file all information requirements in one report instead of several.

This change was done to simplify the reporting process over the long term and to help reduce the regulatory burden on our licensees. Access Idaho and Department staff are excited to launch these improvements sooner than was expected and we appreciate your patience during this transition period. Please direct any questions to the Idaho Department of Finance Consumer Finance Bureau or to 208-332-8002.

The "Go Live" date for the new Agent Reporting was 8/22/2016.

Massachusetts - Notice of Debt Collection Informational Session on September 22, 2016

The Massachusetts Division of Banks (Division) and the Massachusetts Office of the Attorney General are seeking input on the current state of debt collection and debt collection regulation within the Commonwealth. The Division and the Office of the Attorney General are considering whether changes to the statutory and regulatory framework regarding debt collection may be warranted. read the Massachusetts DOB public hearings notice

New Jersey - Statute of Limitations reduced to 4 years for collections of retail credit card debt

An August 30 article from the Daily Digest of AccountsRecovery.net reported that the Appellate Division of the State of New Jersey Superior Court ruled on August 29 that the statute of limitations for collections of retail credit card debt should be one governing the sale of a good (4 years) rather than the one governing contractual claims, including general purpose credit cards (6 years).